Brent Oil Trades Above $ 56 A Barrel

Brent oil trades above $ 56 a barrel on January 27. Today, a barrel of Brent oil traded at $ 56.02 in global markets.

The barrel price of Brent oil, which reached the level of $ 56.34 on Tuesday, closed the day at $ 55.64. The barrel of Brent oil, which increased by 0.68 percent compared to the closing at 09.45 today, traded at $ 56.02. At the same time, West Texas type (WTI) crude oil traded at $ 52.98 a barrel. Crude oil stocks fell by 5.27 million barrels last week, according to data from the American Petroleum Institute (API), which is supported by the private sector. If these data are confirmed by official data released by the government, this will be the sixth decline in the last 7 weeks. Oil prices, which have increased by about 50 percent since October, had a halt again with the increasing number of coronavirus cases. Howie Lee, economist at Oversea-Chinese Banking Corp, said: “It is thought that the markets will remain open despite the increasing coronavirus cases, with reduced production in the USA and OPEC+ still maintaining the production discipline.” In addition, oil prices were positively affected when coronavirus cases decreased in China, the world's largest oil importer. This figure, announced by the country, which reported 75 new cases on Wednesday, was the lowest daily figure seen since January 11. But hundreds of millions of travels during the holiday period set a barrier to thinking about preventing the spread of the virus. In technical terms, it is stated that in Brent oil, the range of 56.37 and 57.32 dollars can be followed as the resistance zone and the range of 55.42 to 54.47 as the support zone.