Brent Oil Reached Above $79 A Barrel
Brent oil reached above $79 a barrel on September 28. Today in global markets, a barrel of Brent oil is priced at $79.58.
Brent oil, which went up to $ 79.90 yesterday, closed the day at $ 78.72. The barrel of Brent oil, which increased by 1.09 percent compared to the closing at 10:09 am today, is trading at $ 79.58. At the same time, West Texas Intermediate (WTI) crude oil was traded at $76.30 a barrel.
Prices continue to rise amid concerns that supply will not be able to meet demand, despite the improvement in the demand outlook as restrictions on the coronavirus (Covid-19) outbreak are eased.
The price of brent oil, which rose rapidly after the record increase in natural gas prices in Europe, as well as the difficulties of oil producing countries in increasing production due to technical reasons and the falling production of the USA after the hurricanes, remains at the highest levels of the last 3 years, maintaining its upward trend.
International banking and financial services company Goldman Sachs raised its oil price forecast for this year by $10 to $90 a barrel. In the revision in question, the recovery in fuel demand faster than expected, as well as the contraction in global supply with the decline in US crude oil stocks played an important role.
Experts say that prices will maintain their upward trend in the short term with the effect of the winter season, and the increase in natural gas prices is expected to continue to support prices by triggering the use of oil as an alternative.
In technical terms, it is stated that the range of $79.92 to $80.30 can be viewed as resistance and the range of $79.54 to $79.16 as support in Brent oil.