Brent Oil Hovered Above $77 a Barrel

Brent oil hovered above $77 a barrel on September 30. Today, in global markets, a barrel of Brent oil is priced at $ 77.98.

Brent oil, which went up to $ 79.40 yesterday, closed the day at $ 78.09. The barrel of Brent oil, which decreased by 0.14 percent compared to the closing at 09.51 hours today, is trading at $ 77.98. At the same time, West Texas type (WTI) crude oil was traded at $ 74.81 a barrel. According to data from the US Energy Information Administration, the country's commercial crude oil inventories increased by 4 million 600 thousand barrels from the previous week, contrary to expectations. The market expectation was that inventories would decrease by 2 million 333 thousand barrels. Gasoline stocks also increased by 200,000 barrels in the country. The data pointing to the decline in demand in the world's largest oil consumer country, put a restraint on the rise in prices supported by concerns about the supply-demand gap in global markets. Experts, on the other hand, say that the upward trend in oil prices, which has been on the rise in the last weeks, continues due to the energy crisis affecting the global markets. In addition, the meeting of the OPEC group, which will be held next week, is expected to make a decision to continue the production increase of 400 thousand barrels per day in November. In his statement at the Joint Technical Committee (JTC) meeting yesterday, OPEC Secretary General Mohammed Barkindo stated that demand in the oil market, supported by economic recovery and solid indicators, is expected to return to pre-epidemic levels with an increase of 6 million barrels per day this year and 4.2 million barrels next year, said, "At this point, the decision of OPEC and non-OPEC countries to start returning 400,000 barrels per day to the market each month provides protection against the potential for excess supply while continuing to balance the need for gradual increases to meet demand." In technical terms, it was stated that the range of $78.34 to $79.09 can be viewed as resistance, and the range of $77.59 to $76.84 as support in Brent oil.