Brent Oil Reached Above $75 a Barrel

Brent oil reached above $75 a barrel on December 8. Today, Brent oil is priced at $75.42 a barrel in global markets.

Brent oil, which went up to $ 76.27 yesterday, closed the day at $ 75.44. Brent oil, which decreased by 0.02 percent compared to the closing at 09:13 am today, is trading at $ 75.42 a barrel. Meanwhile, West Texas Intermediate (WTI) crude oil was traded at $71.84 a barrel. Concerns about the possible effects of the Omicron variant, which emerged in the coronavirus epidemic, on the economic recovery and global oil demand, played a decisive role on prices. Hans Kluge, WHO Regional Director for Europe, said it is not yet clear whether the Omicron variant causes more contagious or severe diseases. On the other hand, disagreements over the Iran nuclear deal are also pushing prices downwards. Negotiations are expected to resume on Thursday, December 9th. The decline in the US oil stocks, on the other hand, indicates that the recovery in demand in the country continues, restricting the downward movement of prices. According to the forecast of the American Petroleum Institute, the country's commercial crude oil stocks decreased by about 3 million 89 thousand barrels last week compared to the previous week. The market expectation was that inventories would increase by approximately 2 million 93 thousand barrels. Official oil stock data from the U.S. Energy Information Administration will be released today. In technical terms, it was stated that the range of $ 75.50 to $ 75.65 can be viewed as resistance, and the range of $ 75.04 to 74.96 can be viewed as support in Brent oil.