Brent Oil's Barrel Price Fell Below $ 40

Brent Oil's Barrel Price Fell Below $ 40 Brent Oil’s barrel price fell below $ 40. A barrel of Brent oil is trading at $ 39.95 in global markets today. The barrel price of Brent oil, which dropped to $ 39.71 yesterday, ended the day at $ 40.06. The barrel of Brent oil, which decreased by 0.27 percent compared to its closing at 09:02 am today, was able to be traded at $ 39.95. At the same time, a barrel of West Texas crude oil (WTI) traded at $ 37.22. According to the information provided by the US Energy Information Administration (EIA), there was an increase of approximately 2 million barrels in the commercial crude oil stocks of the USA. Markets predicted a 1.4 million barrel reduction in stocks. As a result of these data, the expectation for a declining trend in oil demand in the USA increased, and this situation brought about a decrease in crude oil prices. In addition, the macroeconomic data that turned out to be worse than the expectations in the USA and the fact that the stimulus package, which is aimed to be implemented against the effects of the pandemic, has also affected the decrease in prices. It was stated that in Brent oil, the range of $ 39.98 and $ 40.01 could be followed as the resistance zone and the range of $ 39.94 to $ 39.93 as the support zone.