Brent Oil Trades Above $ 50 on January 5

Brent Oil Trades Above $ 50 on January 5 Brent oil trades above $ 50 on January 5. Today, a barrel of Brent oil was traded at $ 50.84 in global markets. The barrel price of Brent oil, which rose to $ 53.13 on the first business day of the week, closed the day with $ 51.09. At around 9:26 am today, the barrel of Brent oil decreased by 0.49 percent and traded at $ 50.84. At the same time, West Texas type (WTI) crude oil traded at $ 47.43 a barrel. At the meeting held yesterday by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, the OPEC + group failed to reach an agreement on the production cut to be implemented in February. Failure to conclude an agreement from the meeting created uncertainty in the markets and brought along a decrease in prices. Discussions at the OPEC + meeting will continue today. On the other hand, the increasing number of new coronavirus (Covid-19) cases worldwide necessitates new quarantine practices. Accordingly, prices are being suppressed with the concerns that global oil demand will decrease. In technical terms, it is stated that the range of 50.90 to 51.16 dollars can be followed as the resistance zone in brent oil and the range of 50.64 to 50.38 dollars can be followed as the support zone.