Brent Oil Hovered Above $70 A Barrel

Brent oil hovered above $70 a barrel on November 30. Today, Brent oil is priced at $70.77 a barrel in global markets.

Brent oil, which went up to $ 77.02 yesterday, closed the day at $ 73.22. Today, at 09:37 am, the barrel of Brent oil, which decreased by 3.35 percent compared to the closing, is trading at $ 70.77. Meanwhile, West Texas Intermediate (WTI) crude oil was traded at $67.69 a barrel. Concerns that the Omicron variant, which emerged in the coronavirus (Covid-19) epidemic, would adversely affect the global economic recovery and oil demand played a major role in the decline in oil prices. Markets focused on the meeting of the OPEC+ group on December 2 to evaluate market conditions and discuss the amount of production cuts to be implemented as of January. Russian Deputy Prime Minister Aleksandr Novak told reporters yesterday in the capital Moscow, that they do not see a situation that requires urgent action in the oil markets due to the Omicron variant. Saudi Arabian Energy Minister Abdulaziz bin Salman also told Arab News that the impact of the Omicron variant on oil demand is not yet clear. The OPEC+ group had gradually eased daily oil production cuts by 400,000 barrels per month in the August-December period. In technical terms, it was stated that the range of 73.43 to 76.13 dollars can be followed as a resistance and the range of 70.73 to 68.03 dollars as a support zone in Brent oil.