Brent Oil Dropped to $74 a Barrel

Brent oil dropped to $74 a barrel on November 29. Today, Brent oil is priced at $74.38 a barrel in global markets.

Brent oil, which went up to $ 81.65 on Friday, closed the day at $ 71.59. Brent oil, which increased by 3.90 percent compared to the closing at 09:40 am today, is trading at $ 74.38 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $71.30 a barrel. Oil prices fell sharply last week, with concerns that the "Omicron" variant of the coronavirus, seen in South Africa, on Friday, would adversely affect the global economic recovery and oil demand. While oil prices are rising with the snow buying this morning after the sharp fall, experts say market participants are cautious due to the resumption of negotiations for the new variant and the Iran nuclear deal. The seventh round of nuclear talks between Iran and the parties to the nuclear deal, in which the revival of the agreement and the return of the United States to the agreement, are being negotiated, begins today. The fact that the parties will sit at the table again strengthens the expectations in the markets that the US sanctions on Iranian oil will be lifted and that it will contribute to the global oil supply. On the other hand, the world's largest oil consumer, the USA, announced last week that it will offer 50 million barrels of crude oil from its strategic oil reserve against high oil prices, and stated that the decision to sell the reserve was taken together with China, India, Japan, South Korea and the United Kingdom. While this step brought with it concerns that there would be an excess supply in the markets in the first quarter of 2022, the markets focused on the meeting where the OPEC+ group will meet on December 2. In technical terms, it was stated that the range of 74.68 and 75.51 dollars can be followed as resistance, and the range of 73.85 and 73.02 dollars as support in Brent oil.