The price of barrels of Brent oil is trading at $ 22.61 in international markets.
Brent oil, which rose to $ 25.26 yesterday, completed the day at $ 23.78 a barrel. Brent oil was traded at $ 22.61, with a 4.9 percent decrease compared to the closing at 09.20. In the same minutes, the Western Texas type (WTI) crude oil found buyers at $ 18.52 a barrel.
According to the estimates of the American Petroleum Institute (API), the forecasting of the commercial crude oil stocks to reach 461.90 million barrels with an increase of 10.48 million barrels causes the price to be pushed.
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The fact that the Organization of the Petroleum Exporting Countries (OPEC) could not meet for the planned meeting yesterday was another factor that reflected negatively on the prices by strengthening the perception that the organization could not make a joint decision to balance the prices.
The negative effects of the new type of coronavirus (Kovid-19) on economic growth and oil demand expectations continue to put downward pressure on prices.
Brent oil is technically stated that the range of $ 22.80 to $ 23.01 can be traced as a resistance zone and the range of $ 22.51 to $ 22.40 as a support zone.