Brent Oil Trades Above $ 64 A Barrel

Brent oil trades above $ 64 a barrel on March 30. A barrel of Brent oil was traded at $ 64.60 in global markets today.

The barrel of Brent oil, which reached up to $ 65.46 on the first trading day of the week, closed the day at $ 64.92. The barrel of Brent oil, which decreased 0.49 percent compared to the close at 09:11 am today, traded at $ 64.60. At the same time, the barrel of West Texas type (WTI) crude oil was traded at $ 61.30. A major factor in the decline in oil prices was the return of navigation in the canal to normal after the successful flotation works of the giant cargo ship, which landed 6 days ago on the Suez Canal, one of the world's most important waterways. The vertical movement of prices is partially prevented by the OPEC+ group's focus on its meeting on April 1. At the meeting to discuss the amount of cuts to be applied as of May, the group is expected to maintain existing production cuts. At the 14th Ministerial Meeting, where the energy and oil ministers of 23 OPEC+ member countries came together on March 4, it was agreed that non-OPEC countries Russia and Kazakhstan would increase oil production in April due to seasonal reasons, while the other member countries decided to continue their current production cuts in April. In addition, the risk of mutation and new wave concerns in the coronavirus (Covid-19) epidemic also negatively affect the expectations for the recovery in demand, making it inevitable to suppress oil prices. In technical terms, it is stated that in Brent oil, the range of $ 64.82 and $ 65.08 can be followed as a resistance zone, and the range of $ 64.39 and $ 64.22 as a support zone.