Brent Oil Hovered Above $79 A Barrel

Brent oil hovered above $79 a barrel on December 31. Today, Brent oil is priced at $79.41 a barrel in global markets.

Brent oil, which went up to $ 79.66 yesterday, closed the day at $ 79.53. Today, at 09:55 am, the barrel of Brent oil, which decreased by 0.15 percent compared to the closing, is trading at $ 79.41. At the same time, West Texas Intermediate (WTI) crude oil was traded at $76.86 a barrel. Uncertainty created by the effects of the Omicron variant of Covid-19 on the economic recovery and global oil demand played a role in the limited decline in oil prices. Despite the studies showing that the Omicron variant is easily circumvented and will not impose a burden on the health system, the number of cases at record levels raises the concern that it may adversely affect the global economic recovery. Despite the partial decline on the last trading day of the year, oil prices are set to record the biggest annual increase since 2009, with an annual increase of over 50 percent. On the other hand, markets focused on the meeting of the OPEC+ group on January 4th. At the meeting, it will be decided whether the group will continue its planned production increase of 400 thousand barrels per day in February. In technical terms, it is stated that the range of $79.37 to $79.67 can be viewed as resistance, and the range of $79.13 to 78.89 as support in Brent oil.