Brent Oil Exceeded $77 a Barrel

Brent oil has exceeded $77 a barrel on July 6. Today in global markets, a barrel of Brent oil is trading at $77.48.

Barrel of Brent oil, which went up to $ 77.26 on Monday, closed the day at $ 77.16. The barrel of Brent oil, which increased by 0.41 percent compared to the closing at 09:30 am today, is trading at $ 77.48. At the same time, West Texas Intermediate (WTI) crude oil was traded at $76.74 a barrel. Oil prices are at the highest levels since October 2018. Oil prices soared after the 18th Ministerial Meeting of the OPEC+ group was canceled due to disagreement among member states, as concerns increased that oil supply would be weak in markets with high demand. After the energy and oil ministers of 13-member OPEC led by Saudi Arabia and the 10 non-OPEC oil producing countries led by Russia failed to reach an agreement on the production policy to be implemented as of August in the meetings held two days in a row, the meeting scheduled for the third time yesterday was held as a result of the disagreement between the member states. It was annulled unexpectedly. In the aforementioned talks, the proposal to increase oil production by 400 thousand barrels per month in the August-December period and to extend the current production cut agreement until the end of 2022 received the approval of the majority of the member countries, but the negotiations could not reach a conclusion due to the United Arab Emirates' desire to "increase the production quota". Louise Dickson, Petroleum Markets Analyst at Rystad Energy, an independent energy research organization based in Norway, stated that the postponement of the meeting was a sign that the objections of the UAE could not be easily circumvented, said, "At the moment, Saudi Arabia may need to make some convincing and serious concessions to reach an agreement. If agreement is to be reached, it should only mean more production growth going forward than originally proposed." Dickson said that current oil prices are based on a "no-deal" scenario or the expectation of a slight increase as originally suggested, adding: "This makes oil prices very vulnerable to a deal on concessions and a much larger production increase than was initially discussed." In technical terms, it was stated that the range of $77.73 to $78.25 can be viewed as resistance and the range of $77.21 to $76.69 as support in Brent oil.