Brent Oil Hovered Above $74 A Barrel

Brent oil hovered above $74 a barrel on December 10. Today, Brent oil is priced at $74.06 a barrel in global markets.

Brent oil, which went up to $ 76.70 yesterday, closed the day at $ 74.42. Brent oil, which recorded an increase of 0.48 percent compared to the closing at 09:32 am today, is trading at $ 74.06 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $70.69 a barrel. Concerns that the Omicron variant, which emerged in the coronavirus (Covid-19) epidemic, will slow down the economic recovery and oil demand play a role in the decline in oil prices. While studies on the effects of the virus continue, travel restrictions imposed by some governments to prevent the spread of the new variant also support the downward movement of prices. While Denmark decided to tighten some measures in the fight against the epidemic, Israel extended the implementation period of its decision to stop the entry of foreigners into the country until 22 December. While the Omicron variant in Africa has been detected in 11 countries, including Uganda, Zambia, Senegal, Tunisia, Mozambique, Namibia and Zimbabwe, since last week, it is stated that the number of cases in the continent increased by 88 percent compared to the previous week. Following the announcement that the Omicron variant was detected in Botswana and South Africa on 25 November, the EU imposed a travel restriction on 8 countries in the south of Africa. On the other hand, while Chinese real estate giants Evergrande and Kaisa are in default due to their inability to pay their debts, forecasts that the slowdown in the real estate sector in China, one of the world's largest oil consumers, may also affect the economy, supports the downward movement of prices. In technical terms, it is stated that the range of $74.25 to $74.49 can be viewed as resistance, and the range of $73.87 to 73.73 as support in Brent oil.