SHAFAQNA TURKEY – Brent crude trades internationally at $87.08 a barrel.
The price of a barrel of Brent oil, which rose to $89.37 yesterday, ended the day at $86.88. The price of a barrel of Brent oil today rose by 0.23 percent to $87.08. West Texas Intermediate (WTI) oil traded at $81.22 a barrel.
Expectations that the “zero case” strategy in China will be relaxed led to a partial increase in prices.
According to Xinhua News Agency, Vice Premier Sun Chunlan, who is in charge of fighting the epidemic, said in a meeting with experts from the National Health Commission that small, gradual changes should be made to restrictive measures.
Sun’s emphasis on gradual adjustments to controls has been interpreted as a sign that the Chinese administration is seeking a way out of the so-called “zero case” strategy of strict controls.
Experts noted that the “zero case” strategy in practice had a negative impact on oil demand and that demand in the country was 1 million barrels below average.
On the other hand, the uncertainty caused by the meeting of the OPEC+ group of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries and the sanctions on European oil supplies from Russia by sea, which will come into force on Monday, will also affect price movements.
It is indicated that technically the range from $87.21 to $87.48 for Brent oil can be considered as resistance, and the range from $86.94 to $86.67 as a support zone.
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