Oil prices fell | Commodity News

Brent oil is traded at $ 55.47 in international markets.

The barrel price of Brent oil, which rose to $ 56.23 yesterday, completed the day at $ 56.10. Brent oil was traded at $ 55.47 a barrel today, down 1.12 percent from close at 09.44. During the same minutes, a barrel of West Texas type (WTI) crude oil found buyers at $ 52.47.

In the fall of prices, the concerns that drastic measures will be taken due to the increasing new types of coronavirus (Kovid-19) cases in Asian countries, especially China, the world’s largest oil importer, and this will reduce the demand for oil were influential.

While the number of cases worldwide approached 98 million, the developments in China, where Kovid-19 appeared, again became the focus of the agenda.


Authorities are trying to contain the epidemic that started again before February 12, the start of the Chinese new year, according to the lunar calendar. Before the holiday period celebrated as “Spring Festival” in the country, those who will travel within the country were obliged to report a negative Kovid-19 test in the last 7 days, while many state administrations announced that quarantine measures will be applied to those who travel. While national health officials warned citizens not to travel unless it is compulsory, the quarantine period for those coming from abroad in the capital Beijing was increased from 14 days to 28 days.

On the other hand, the expectation for the new support package, which is planned to be implemented in the USA as part of the fight against the Kovid-19 outbreak and the economic crisis it caused, limited the decrease in prices.

US President Joe Biden stated that on the first day of his mission, he announced his strategy to combat the Kovid-19 outbreak, and that he would do his best to approve the support package as soon as possible. At the press conference, Speaker of the House of Representatives Nancy Pelosi stated that the new economic support package is planned to be put to the vote at the beginning of February.

Bjornar Tonhaugen, Norway-based independent research organization Rystad Energy Petroleum Market Research Manager, told Anadolu Agency (AA) that investors are closely following the developments in China and things are not going in the direction the market hoped.

Stating that new restrictions will be implemented in the country in the upcoming holiday season and this will cause less fuel consumption, Tonhaugen said, “China is a very important market for oil, the country that helps oil demand increase more than other countries, and a slowdown here is always a decrease in prices. means indicator. ” found the assessment.

Tonhaugen noted that the steps of the Biden administration are expected to cause a decline in oil demand in the long term, but this will not be seen immediately in the first period as the stimulus package and infrastructure plan put forward by the new administration will cause an increase in oil consumption.

It is stated that in Brent oil, technically, the range of $ 55.86 and $ 56.62 can be watched as resistance, and the range of $ 55.10 and $ 54.34 can be watched as the support zone.


Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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