Brent Oil Hovered Above $80 A Barrel

Brent oil hovered above $80 a barrel on November 26. Today in global markets, Brent oil is priced at $ 80.14 a barrel.

Brent oil, which went up to $ 82.58 yesterday, closed the day at $ 82.22. Today, at 09:10, the barrel of Brent oil, which decreased by 2.52 percent compared to the closing, is trading at $ 80.14. At the same time, West Texas Intermediate (WTI) crude oil was traded at $75.91 a barrel. Concerns about oversupply in the first quarter of 2022 play a role in the decline in oil prices, as major oil consumer countries, led by the USA, act jointly and offer their strategic oil reserves to the market. It was announced this week that the US would make 50 million barrels of crude oil available from its strategic oil reserve in response to high oil prices, and the decision was taken in conjunction with other major energy consuming countries, including China, India, Japan, South Korea and the United Kingdom. The 23rd Ministerial Meeting, where the group will meet to evaluate market conditions and discuss the amount of production cuts, is expected to be held on December 2. In its previous meeting, OPEC decided to continue its plan to gradually ease the daily oil production cuts of 400,000 barrels per month, which were determined earlier in December. Experts state that the strategic oil reserves at the level of 70 to 80 million barrels to be offered to the market is a lower figure than expected, and that the joint decision taken may be a move to eliminate the ongoing demand problems in the current situation, instead of making a big impact on the market. In addition to these, concerns that the variant that emerged in the coronavirus (Covid-19) epidemic may affect the economic recovery also drags prices down. In the Republic of South Africa and Botswana, it has been reported that a large number of mutated new variants of Covid-19, named B.1.1.529, have been detected. While the countries tightened the measures due to the concerns about the epidemic, the UK stopped flights with 6 African countries after the news of the variant. In technical terms, it was stated that the range of $ 80.36 to $ 80.49 can be viewed as resistance, and the range of $ 80.10 to 79.97 as support in Brent oil.