Brent Oil Trades Above $48

Brent Oil Trades Above $48 Brent oil trades above $48. Today, in global markets, Brent oil traded at $ 48.70 a barrel. The barrel price of Brent oil, which saw the level of 49 dollars on Tuesday, closed the day at $ 48.84. At 9:11 am today, the barrel of Brent oil, which decreased by 0.28 percent compared to the closing, traded at $48.70. At the same time, West Texas type (WTI) crude oil traded at $ 45.50 a barrel. The increase in the commercial crude oil stocks of the USA caused the concern of excess supply and was effective in the decrease in prices. According to the forecast announced yesterday by the American Petroleum Institute, the country's commercial crude oil stocks increased by approximately 1.1 million barrels compared to the previous week, contrary to expectations. The market expectation was that stocks would decrease by approximately 1.5 million barrels. On the other hand, the increase in new types of coronavirus cases all over the world led to a downward pressure on prices with the concern that global oil demand would decrease. In technical terms, it is stated that in Brent oil, the range of $ 48.74 and $ 48.81 can be followed as resistance, and the range of $ 48.67 and $ 48.60 can be followed as a support zone.