Brent Oil Hovered Above $78 A Barrel

Brent oil hovered above $78 a barrel on October 4. Today, a barrel of Brent oil is priced at $78.91 in global markets.

Brent oil, which went up to $ 79.41 on Friday, finished the day at $ 79.28. The barrel of Brent oil, which recorded a decrease of 0.47 percent compared to the closing at 09:51 am today, is priced at $ 78.91. At the same time, West Texas type (WTI) crude oil was traded at $ 75.47 a barrel. The rise in oil prices, which reached the highest levels in the last 3 years due to the increase in global oil demand and insufficient supply, was limited by the prediction that the OPEC+ group would continue to increase production in the market, where insufficient supply concerns were strengthened. At the 21st Ministerial Meeting, where the OPEC+ group will meet today, it is expected that a decision will be made to continue the production increase of 400 thousand barrels per day in the coming months within the scope of the current agreement. Carole Nakhle, Chief Executive of UK-based consulting firm Crystol Energy, told Anadolu Agency (AA) that the decision to come out of the meeting is difficult to predict, but there is consensus in the markets so far that the OPEC+ group will stick to the plan agreed in July. Nakhle said, "The Saudis can also unilaterally make a goodwill gesture by going for more supply increases. Overall, OPEC+ will have to balance factors that may affect the markets in the short term. wants to minimize the risk of adverse effects.” At the 19th Ministerial Meeting on 18 July, the group decided to increase oil production by 400 thousand barrels per month for the August-December period, and agreed to continue this plan at the 20th Ministerial Meeting on 1 September. In technical terms, it is stated that the range of $79.25 to $79.66 can be viewed as resistance and the range of $78.84 to $78.43 as support in Brent oil.