Brent Oil's Barrel Price Increased on November 16

Brent Oil's Barrel Price Increased on November 16 Brent oil’s barrel price has increased on November 16. In global markets today, Brent oil traded at $ 43.27 a barrel. The barrel price of Brent oil, which dropped to $ 42.63 on the last trading day of the past week, closed the day with $ 42.78. At 09.35 today, the barrel of Brent oil increased 1.14 percent compared to the closing and traded at $ 43.27. At the same time, West Texas type (WTI) crude oil traded at $ 40.72 a barrel. The expectations that the production cuts imposed by the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries will continue since 2017 played a role in the increase in oil prices. The arrival of recovery signals in China and Japan supports the increase in prices, while the increase in coronavirus cases is pushing prices down due to the concern that oil demand will decrease. On the other hand, the excess supply rush in the markets as Libya increased its oil production puts a barrier to the rise in prices. In technical terms, it is stated that in Brent oil, the range of $ 43.43 and $ 43.69 can be followed as the resistance zone and the range of $ 42.79 and $ 42.53 as the support zone.