Brent Oil Cruised Above $79 A Barrel

Brent oil cruised above $79 a barrel on January 4. Today, Brent oil is priced at $79.03 a barrel in global markets.

Brent oil, which went up to $ 79.28 yesterday, closed the day at $ 78.98. The barrel of Brent oil, which recorded an increase of 0.06 percent compared to the closing at 09:30 am today, is trading at $ 79.03. At the same time, West Texas Intermediate (WTI) crude oil was traded at $76.12 a barrel. Focusing on the decision to come out of the OPEC+ group meeting to be held today, the markets are causing a limited rise in prices. It is estimated that the group will continue its planned production increase of 400 thousand barrels per day, which has been continuing since August, in February. The ongoing contraction in Libya's oil supply also supports prices upwards. Due to the maintenance work that started on an oil line in the country as of Sunday, it was announced that there would be a cut of 200,000 barrels per day in oil production for a week. On the other hand, despite the increasing number of cases due to the Covid-19 Omicron variant, the fact that intensive measures have not yet been taken around the world creates a positive expectation for oil demand and supports prices. It is stated that the range of 79.37 to 79.52 dollars can be followed as a resistance, and the range of 79.04 to 78.89 dollars as a support zone in Brent oil.