Brent Oil Reached Above $76 a Barrel

Brent oil reached above $76 a barrel on September 23. Today in global markets, a barrel of Brent oil is priced at $ 76.38.

Brent oil, which went up to $ 76.49 yesterday, completed the day at $ 76.19. The barrel of Brent oil, which increased by 0.24 percent compared to the closing at 09:48 am today, is trading at $ 76.38. At the same time, West Texas Intermediate (WTI) crude oil was traded at $72.42 a barrel. The more-than-expected decline in US commercial crude oil stocks supported prices upwards, with the perception of recovery in demand. According to data from the US Energy Information Administration (EIA), commercial crude oil stocks in the country decreased by 3 million 500 thousand barrels (0.8 percent) last week to approximately 417 million barrels. The market expectation was that inventories would decrease by 2 million 400 thousand barrels. The fact that the oil production platforms in the Gulf of Mexico could not reach full capacity production after the southern coasts of the USA were under the influence of tropical storms also supported the rise in prices. The U.S. Department of the Interior's Security and Environmental Enforcement Administration also reported that oil production in the Gulf of Mexico fell by about 16 percent and natural gas production by 24 percent. In addition, the news about the Chinese company Evergrande, whose known debt exceeds $ 300 billion, is carefully followed in the markets. The news that the company is in talks for debt repayment also increases the risk appetite of investors and supports the upward movement in oil prices. Stating that the upward movement in oil prices is supported by the record increase in natural gas prices, experts underline that electricity companies may use oil instead of gas for production due to the problems experienced in gas supply in case of cold winter months. In technical terms, it is stated that the range of $76.66 to $76.88 can be followed as resistance and the range of $76.05 to $75.66 as support in Brent oil.