Oil prices soar | Commodity News

Brent oil’s barrel is traded at $ 55.83 in international markets.

The barrel price of Brent oil, which rose to $ 56.39 yesterday, completed the day at $ 55.66. Brent oil’s barrel traded at $ 55.83 as of today, at 09.33, an increase of 0.31 percent from close. At the same time, a barrel of West Texas type (WTI) crude oil found buyers at $ 52.45.

The partial increase in prices was influenced by the expectation of additional support for the economic effects of the new type of coronavirus (Kovid-19) epidemic in the USA, the world’s largest oil consumer.

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Joe Biden, who was elected President of the United States, who pledged a “trillion dollar” economic support package last week, is expected to release details on the economic support package on Thursday.

On the other hand, the tightening of quarantine measures, especially in European countries, due to the increase in the number of Kovid-19 cases worldwide, despite vaccination efforts, increases concerns that the demand for oil will continue to remain weak, limiting the rise in prices.

While the number of Kovid-19 cases exceeded 90 million worldwide, the number of people who died due to the epidemic approached 2 million.

It is stated that in Brent oil, technically, the range of $ 55.91 and $ 56.26 can be watched as the resistance zone and the range of $ 55.56 and $ 55.21 as the support zone.

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