Brent Oil Reached Above $78 a Barrel

Brent oil reached above $78 a barrel on October 1. Today in global markets, a barrel of Brent oil is priced at $78.16.

Brent oil, which went up to $ 79.30 yesterday, closed the day at $ 78.31. The barrel of Brent oil, which decreased by 0.19 percent compared to the closing at 09:25 am today, is trading at $ 78.16. At the same time, West Texas Intermediate (WTI) crude oil was traded at $74.86 a barrel. The upward trend in oil prices, which has been on the rise in recent weeks, was limited by the expectation that the OPEC+ group would increase production in the market, where insufficient supply concerns were strengthened. At the 21st Ministerial Meeting, where the OPEC+ group will meet on October 4, it is expected that a decision will be made to continue the production increase of 400 thousand barrels per day in the coming months within the scope of the current agreement. OPEC Secretary General Mohammed Barkindo said at the Joint Technical Committee (JTC) meeting on Wednesday, that the production increase plan in practice continues to balance the need for gradual production increases to meet demand while protecting the markets against the potential for excess supply. Experts added that in addition to easing supply concerns in the markets in the face of increasing demand, the possibility of electricity producers to switch to more advantageous oil due to high natural gas prices may encourage the group to produce more. In technical terms, it was stated that the range of $78.64 to $79.25 can be viewed as resistance and the range of $78.03 to $77.42 as support in Brent oil.