Brent Oil Reached Above $77 a Barrel

Brent oil reached above $77 a barrel on September 24. Today in global markets, a barrel of Brent oil is priced at $77.56.

Brent oil, which went up to $ 77.73 yesterday, closed the day at $ 77.25. The barrel of Brent oil, which increased by 0.40 percent compared to the closing at 09:28 am today, is trading at $ 77.56. At the same time, West Texas Intermediate (WTI) crude oil was traded at $73.50 a barrel. After the Gulf of Mexico, where the USA's most important oil production facilities are located, was under the influence of two tropical storms last month, the fact that the offshore oil production platforms in the region still cannot reach full capacity production continues to support prices upwards. The OPEC+ group's difficulties in production increases due to insufficient investments during the epidemic period and delays in the maintenance required at the production facilities also supported the rise in prices. Iraq's oil minister said in a statement yesterday, drawing attention to the signs of recovery in the global economy, and that OPEC+ will try to keep oil prices around $70 per barrel. The Council of Ministers meeting, where OPEC+ will evaluate production levels, will be held on October 4. China's selling of its state reserves to the public for the first time suppressed the upward trend of oil prices, albeit slightly. In technical terms, it was stated that the range of $77.74 to $78.13 can be followed as resistance and the range of $76.95 to $76.55 as support in Brent oil.