Brent Oil Hovered Above $76 a Barrel

Brent oil hovered above $76 a barrel on December 13. Today, Brent oil is priced at $76.31 a barrel in global markets.

Brent oil, which went up to $ 75.71 on Friday, closed the day at $ 75.15. Brent oil, which increased by 1.54 percent compared to the closing at 09:34 am today, is trading at $ 76.31 a barrel. Meanwhile, West Texas Intermediate (WTI) crude oil was traded at $72.75 a barrel. The predictions that the effects of the Omicron variant, which emerged in the coronavirus (Kovid-19) epidemic, on the economic recovery and oil demand will be limited, played a role in the increase in oil prices. World Health Organization (WHO) Africa Region Immunization and Vaccine Development Program Coordinator Dr. Richard Mihigo stated that very few of the Omicron cases in South Africa were hospitalized. Noting that preliminary studies showed that the Omicron variant causes milder disease than other variants, Mihigo said that at least two or three more weeks are required to reach a definitive conclusion on the effects of the variant. After Pfizer and Biontech announced that the 3rd dose of vaccine is required against the Omicron variant last week, the start of studies on the reminder dose in some countries also supported the upward movement of the markets. While the USA announced last week that it has expanded the reminder dose program of vaccines, it has been reported that all adults aged 18 and over in the UK can get a third dose of Covid-19 vaccine before the end of the year. On the other hand, the US Department of Energy announced on Friday that 18 million barrels of oil will be released from strategic oil reserves on December 17 due to market fluctuations. The ministry also noted that the first sale of 4.8 million barrels to ExxonMobil has been approved, and that they continue to accept offers from relevant parties for other quantities approved for sale. The said announcement, on the other hand, became a factor that suppressed the upward movement of prices by reducing supply concerns. According to the statement made by the White House last month, the US Department of Energy will release a total of 50 million barrels of crude oil from the strategic oil reserve, 32 million barrels gradually. The Ministry will add 32 million barrels to the reserves in the coming period and ensure that this amount is returned to stocks. In technical terms, it was stated that the range of 76.38 to 76.74 dollars can be followed as a resistance and the range of 75.58 to 75.14 dollars as a support zone in Brent oil.