Brent Oil’s Barrel Price Continues Decline on October 30

Brent Oil’s Barrel Price Continues Decline on October 30 Brent oil’s barrel price continues to decline on October 30. Today, a barrel of Brent oil in global markets traded at $ 37.86. Today, the barrel of Brent oil decreased by 1.05 percent compared to close at 09.35 and traded at $ 37.86. At the same time, West Texas type (WTI) crude oil traded at $ 35.84 a barrel. With the rapid increase in new coronavirus (Covid-19) cases all over the world and the start of quarantines in European countries, the concern that the demand in the global oil market will remain weak. Prices were pressured downwards due to the concern of lack of demand. On the other hand, in Libya, which was not included in the production cut decision of the Organization of Petroleum Exporting Countries (OPEC) and the OPEC + group, which consists of some non-OPEC producer countries, the concerns over supply caused by the resumption of oil facilities and ports in the markets, supported the price decrease. According to analysts, the downward trend will continue as no significant developments are expected to support prices in the short term, with the exception of a surprise OPEC + decision. In technical terms, it was said that the range of $ 37.84 and $ 38.01 could be followed as the resistance zone and the range of $ 37.67 and $ 37.50 could be followed as the support zone in Brent oil.