Brent Oil Trades Above $ 61 A Barrel!

Brent oil trades above $ 61 a barrel on February 9. A barrel of Brent oil traded at $ 61.18 in global markets today.

The barrel price of Brent oil, which reached the level of $ 60.72 on Hagta's first trading day, closed the day at $ 60.70. The barrel price of Brent oil, which increased by 0.79 percent compared to the closing at 09:44 am today, traded at $ 61.18. At the same time, West Texas type (WTI) crude oil traded at $ 58.53 a barrel. The level that Brent oil has seen today was the highest level it has seen since January 27, 2020. The production cuts imposed by and the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, played a role in the rise in oil prices. Saudi Arabian Energy Minister Abdulaziz bin Salman announced that they will voluntarily cut an additional 1 million barrels of oil production in February and March after the OPEC+ group meeting on January 5. With the unexpected decision of Saudi Arabia, the daily production cuts of the OPEC+ group were determined as 8 million 125 thousand barrels in February and 8 million 50 thousand barrels in March. In addition, the optimistic atmosphere regarding the stimulus package expected to be given as part of the fight against coronavirus in the USA and the good outlook regarding the coronavirus (Covid-19) epidemic created an expectation that oil demand will increase. The expectation that global oil demand would increase caused the rise in prices. In technical terms, it was stated that the range of $ 61.07 and $ 61.44 could be followed as the resistance zone in brent oil, and the range of $ 60.70 and $ 60.03 could be followed as the support zone.