Brent Oil Trades Over $ 60 A Barrel!

Brent oil has trades over $ 60 a barrel. In Brent oil, this level was the highest in the last year.

The improvement in the outlook for disciplined production and demand in the oil market was reflected in an increase in the barrel price of Brent oil. The barrel price of Brent oil, which reached the level of 59.79 dollars on the last trading day of the week, completed the day at the level of 59.56 dollars. The barrel of Brent oil, which saw the level of $ 60.01 in the morning hours today, traded at $ 59.79 with an increase of 0.39 percent compared to the closing at 09.49. At the same time, West Texas type (WTI) crude oil was traded at $ 57.34 a barrel. Strong expectations that the US $ 1.9 trillion stimulus package will pass by Congress played a major role in the increase in oil prices. In addition, when OPEC+ announced that they would melt the excess supply caused by the epidemic as quickly as possible, the markets were dominated by optimism, which was reflected in an increase in prices. CMC Markets Chief Market Strategist Michael McCarthy said: “The improvement in the demand outlook and the discipline on the supply side are clearly a sign that the market will go up. OPEC+'s discipline played a big role in earnings.” In technical terms, it was stated that the range of $ 60.01 and $ 60.29 could be followed as the resistance zone for brent oil and the range of $ 59.73 and $ 59.45 as the support zone.