Brent Oil Cruised Above $89 a Barrel

Brent oil cruised above $89 a barrel on February 3. Today, Brent oil is priced at $89.07 a barrel in global markets.

Brent oil, which went up to $ 90.52 yesterday, closed the day at $ 89.47. Brent oil, which decreased by 0.45 percent compared to the closing at 09:10 today, is trading at $ 89.07 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $87.75 a barrel. The negative data on private sector employment in the USA led to the perception that the Omicron variant had a negative impact on the economic recovery in the epidemic, putting prices down. According to the data released yesterday in the country, private sector employment decreased by 301 thousand in January for the first time since December 2020. The decision of the OPEC + group to continue its plan of gradual production increase of 400 thousand barrels per day in March was another factor that put pressure on prices. Despite the oil demand, which continues to rise with the effect of the global economic recovery, the group's continuing its current policy and not being able to reach its previous production targets reinforces the ongoing contraction concerns in the markets. On the other hand, the US Energy Information Administration (EIA) announced that commercial crude oil stocks in the country decreased by 1 million barrels (0.3 percent) last week to approximately 415 million 100 thousand barrels. The market expectation was that stocks would increase by 1 million 833 thousand barrels. In the said period, the gasoline stocks of the USA increased by 2 million 100 thousand barrels (0.9%) to 250 million barrels. This increase causes the perception that demand is low and puts pressure on prices. It is stated that the range of 89.23 to 89.35 dollars can be followed as resistance and the range of 89.03 to 88.95 dollars as support in Brent oil.