Oil Prices Fell

Oil Prices Fell

The barrel of Brent oil is trading at $ 57.02 on international markets on the first business day of the week. The price of Brent oil, which edged up to $ 59.34 a barrel on Friday, finished the day at $ 58.30. Brent oil's barrel was trading at $ 57.02, down 2.19 percent at the close as of 09.05 pm. In the same minutes, west Texas type (WTI) found buyers at $ 52.12 a barrel of crude oil. The number of oil drilling rigs in the United States rose by 1pc to 679 in the week of February 15-21, compared with the previous week, according to weekly data released by oilfield service company Baker Hughes. With this result, the number of oil drilling rigs in the country increased for 3 consecutive weeks. Moreover, while global oil prices have declined due to the coronavirus (Covid-19) outbreak in China, the decline in production in Libya as a result of the closure of oil ports and supply lines remains a balancing factor in the markets. In Brent oil, technically, the range of 56.62 to 56.76 dollars can be monitored as resistance, while the range of 56.48 to 56.34 dollars can be monitored as support territory.