Brent Oil Cruised Above $78 a Barrel

Brent oil cruised above $78 a barrel on December 29. Today, Brent oil is priced at $78.79 a barrel in global markets.

Brent oil, which went up to $ 79.85 yesterday, closed the day at $ 78.67. Brent oil, which increased by 0.15 percent compared to the previous close, is trading at $ 78.79 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $76.03 a barrel. The forecast for the decline in oil stocks of the USA, the world's largest oil consumer, supports prices upwards, with the perception that demand in the country continues its recovery trend despite the Covid-19 outbreak. The optimistic view that the Omicron variant will not have a heavy impact on the economic recovery and global oil demand reduces the risk perception and limits the downward movement of prices. The ongoing negotiations in Vienna, which was at the focal point of the markets, for the full re-implementation of the Iran nuclear agreement, which is called the Joint Comprehensive Plan of Action, and the meeting of the OPEC+ group, which is scheduled to take place on 4 January. In technical terms, it is stated that the range of 79.07 to 79.70 dollars can be viewed as resistance, and the range of 78.44 to 77.81 dollars as a support zone in Brent oil.