Brent Oil Hovered Above $78 a Barrel

Brent oil hovered above $78 a barrel on November 22. Today, Brent oil is priced at $78.76 a barrel in global markets.

Brent oil, which went up to $ 81 on Friday, closed the day at $ 78.89. The barrel of Brent oil, which decreased by 0.16 percent compared to the closing at 09:43 am today, trading at $ 78.76. At the same time, West Texas Intermediate (WTI) crude oil was traded at $75.97 a barrel. Oil prices fell to the lowest level in the last seven weeks after Japan announced that it could sell oil from its strategic oil reserves to the domestic market upon the call of the USA. Experts say that under Japan's own laws, its reserves can only be released during supply restrictions or natural disasters. On the other hand, the increasing number of coronavirus (Covid-19) cases in Europe and the resumption of restrictions by countries increase the concerns that the demand outlook will weaken and support the decline in prices. While Germany announced a series of new measures, including tougher restrictions for the unvaccinated, Austria announced that it will implement a 20-day curfew as of today, after the increasing number of cases. In Belgium, measures such as wearing masks and the obligation to work from home would be brought back. The Netherlands continues a three-week partial curfew that has sparked violent protests across the country. In technical terms, it is stated that the range of $78.98 to $80.24 can be viewed as resistance, and the range of $77.72 to $76.46 as support in Brent oil.