Oil prices fell | Commodity News

Brent oil is traded at $ 60.70 a barrel in international markets.

The barrel price of Brent oil, which rose to $ 61.50 yesterday, completed the day at $ 61.14. Brent oil was traded at $ 60.70 a barrel today, 0.72 percent down from close at 09:30. At the same time, a barrel of West Texas type (WTI) crude oil found buyers at $ 57.80.

The statements of the International Energy Agency (IEA) and the Organization of Petroleum Exporting Countries (OPEC) regarding the excess supply in the oil market and low demand forecasts were effective in the decrease in prices.


In the oil market report released yesterday, the IEA pointed out that despite the expectations that the vaccination efforts against the new type of coronavirus (Kovid-19) epidemic will support the recovery in oil demand, the oil supply has outstripped demand.

OPEC, on the other hand, announced that oil demand will recover more slowly than the previous forecast, especially in the first half of the year, as the measures taken within the scope of the fight against the epidemic point to a weak recovery in transportation fuels.

On the other hand, the expectation that the production cut imposed by the OPEC group, which consists of OPEC and some non-OPEC producer countries, will balance supply and demand, restricts the decrease in prices to a certain extent.

It is stated that in Brent oil, the range of $ 60.82 and $ 60.99 can be watched as resistance, and the range of $ 60.65 and $ 60.48 can be watched as the support zone.


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

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