Brent Oil Reached Above $75 a Barrel

Brent oil reached above $75 a barrel on December 27. Today in global markets, a barrel of Brent oil is priced at $75.73.

Brent oil, which went up to $ 76.79 on Friday, closed the day at $ 76.14. The barrel of Brent oil, which decreased by 0.53 percent compared to the closing at 09:07 am today, is trading at $ 75.73. At the same time, West Texas Intermediate (WTI) crude oil was traded at $72.98 a barrel. The economic recovery and the uncertainty of the effects of the Omicron variant, which emerged in the Covid-19 outbreak, on global oil demand, played a role in the decline in oil prices. More than 1600 flights were removed from the flight schedule during the Christmas holiday due to the increase in cases due to the Omicron variant of Covid-19 in the USA. According to Flightaware.com, which compiles flight data, there were flight cancellations due to the epidemic affecting airline employees. The slowdown in air transportation led to expectations that economic activity will slow down in the USA, one of the world's largest oil consumers. In particular, the downward pressure on WTI-type crude oil prices increased. On the other hand, the news flow that the variant does not have as severe effects as feared reduces the risk perception and puts a barrier to the downward movement of prices. The expectations that natural gas prices, which rose to record levels in Europe last week, will encourage producers to use oil also support the rise in prices. Markets focused on the OPEC+ group's meeting scheduled for January 4. At its meeting on December 2, the Group decided to continue its plan of gradual production increase of 400 thousand barrels per day in January as well. In technical terms, it was stated that the range of 75.94 to 76.13 dollars can be followed as a resistance and the range of 75.65 to 75.55 dollars as a support zone in Brent oil.