Brent Oil Reached Above $78 a Barrel

Brent oil reached above $78 a barrel on September 27. Today in global markets, a barrel of Brent oil is priced at $78.08.

Brent oil, which went up to $ 78.24 on Friday, closed the day at $ 77.23. The barrel of Brent oil, which increased by 1.10 percent compared to the closing at 10:09 am today, is trading at $ 78.08. At the same time, West Texas Intermediate (WTI) crude oil was traded at $74.78 a barrel. The rise in oil prices continues due to rising concerns about oil supply, despite the improved demand outlook with the easing of restrictions in the fight against the coronavirus (Covid-19) epidemic in many countries. Crude oil stocks in the USA, the world's largest oil consumer, followed a course close to the lowest levels in three years, reinforcing the perception that demand has recovered, while the rise in natural gas prices also contributes to the revival in demand. Contrary to the recovery in demand, oil-producing countries' difficulties in increasing production due to technical reasons such as insufficient investments during the epidemic and delays in the maintenance required at production facilities are also effective in the rise in prices. On the other hand, the increasing number of oil rigs in the USA, the world's largest oil producer, shows that production will increase. According to the weekly data released by the oil field services company Baker Hughes, the number of oil rigs in the country increased by 10 to 421 in the period of 18-24 September compared to the previous week. The number of oil rigs in the USA has increased by 238 in the last year. In technical terms, it is stated that the range of $78.33 to $78.63 in Brent oil can be viewed as resistance, and the range of $78.03 to $77.73 as support.