Brent Oil Trades Above $63 A Barrel

Brent oil trades above $63 a barrel on March 25. Today, a barrel of Brent oil is traded at $63.33 in global markets.

The barrel price of Brent oil, which reached the level of $ 64.57 on Wednesday, closed the day at $64.41. The barrel of Brent oil, which decreased by 1.68 percent compared to the closing at 09:33 am today, traded at $63.33. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $60. In the fall of oil prices, the pressure on oil demand caused by the measures taken in European countries, especially in the scope of combating the coronavirus (Covid-19) epidemic, played a role. In addition, the above-expected increase in the commercial crude oil stocks of the USA, the world's largest oil consumer, also supported the downward movement of prices. According to US Energy Information Administration (EIA) data, US commercial crude oil stocks increased by 1.9 million barrels last week compared to the previous week. The market expectation was that there would be an increase of approximately 900 thousand barrels. As a factor limiting further price drops, yesterday, a giant container ship stranded on the Suez Canal in Egypt, one of the world's most important waterways. This development has put a barrier to the decline in prices due to the disruption in the oil trade. In technical terms, it was stated that the range of 63.42 to 63.97 dollars can be followed as the resistance zone and the range of 62.87 to 62.32 as the support zone in Brent oil.