Brent Oil Rose Above $79 A Barrel

Brent oil rose above $79 a barrel on November 23. Today, Brent oil is priced at $79.07 a barrel in global markets.

Brent oil, which went up to $ 79.70 yesterday, closed the day at $ 80.07. The barrel of Brent oil, which decreased by 0.79 percent compared to the closing at 09:41 am today, is trading at $ 79.07. At the same time, West Texas Intermediate (WTI) crude oil was traded at $75.93 a barrel. The news that the USA would announce a plan for the use of strategic oil reserves in coordination with major oil consumer countries also played a role in the decline in prices. While important oil players such as Japan, India and South Korea are expected to participate in the said plan, it has been noted that China, the world's largest oil importer, has a positive approach but will evaluate its domestic consumption needs. After the increasing number of coronavirus (Covid-19) cases in Europe, the restrictions on the epidemic are on the agenda again, causing concerns that it will negatively affect the economies and weaken the demand outlook, putting pressure on prices. On the other hand, the prediction that the OPEC+ group may change its plans to increase oil production puts a barrier to the decline in prices. In technical terms, it is stated that the range of $79.28 to $79.76 can be viewed as resistance, and the range of $78.80 to 78.32 as support in Brent oil.