Brent Oil Trades Above $ 49

Brent Oil Trades Above $ 49 Brent oil trades above $ 49. A barrel of Brent oil traded at $ 49.10 in global markets today. The barrel price of Brent oil, which reached $ 49.92 on the last trading day of last week, closed the day at $ 49.25. At 9:26 am today, the barrel of Brent oil, which decreased by 0.3 percent compared to the closing, traded at $ 49.10. At the same time, West Texas type (WTI) crude oil traded at $ 46.07 a barrel. Taking new measures due to the increase in new types of coronavirus (Covid-19) caused a decrease in oil prices with the thought that it would negatively affect the economies. The outlook of the US oil industry and the increase in the number of oil rigs, which are considered as indicators of short-term crude oil production, were another factor that negatively affected the prices. In addition, the failure of the OPEC + group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC oil producing countries, will make the expected decisions, which raised concerns over supply and played a role in the decrease in prices. On the other hand, the situation of Libya, Iran and Venezuela, which are exempt from the current production cuts, and the uncertainty of how to meet the excess supply from these countries in the market also suppressed prices. In technical terms, it was noted that the range of $ 49.15 and $ 49.29 could be followed as the resistance zone and the support zone between $ 49.01 and $ 48.22 in Brent oil.