Brent Oil Reached Above $79 A Barrel

Brent oil reached above $79 a barrel on December 30. Today, Brent oil is priced at $79.19 a barrel in global markets.

Brent oil, which went up to $ 80.17 yesterday, closed the day at $ 79.23. Today, at 09:11, the barrel of Brent oil, which decreased by 0.05 percent compared to the closing, is trading at $ 79.19. At the same time, West Texas Intermediate (WTI) crude oil was traded at $76.59 a barrel. The uncertainty created by the effects of the Omicron variant of Covid-19 on the economic recovery and global oil demand restrains the rise in oil prices. The US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by 3 million 600 thousand barrels (0.8 percent) last week to approximately 420 million barrels. The market expectation was that inventories would decrease by 3 million 233 thousand barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 1 million 400 thousand barrels (0.2 percent) to 595 million barrels. On the other hand, markets focused on the meeting of the OPEC+ group on January 4th. At the meeting, it will be decided whether the group will continue its planned production increase of 400,000 barrels per day in February. In technical terms, it is stated that the range of 79.34 to 79.61 dollars can be followed as resistance and the range of 79.07 to 78.80 dollars as support in Brent oil.