Brent Oil Hovered Above $71 A Barrel

Brent oil hovered above $71 a barrel on December 6. Today, Brent oil is priced at $71.56 a barrel in global markets.

Brent oil, which went up to $ 71.22 on Friday, closed at $ 71.16. Brent oil, which increased by 0.56 percent compared to the closing at 09:50 am today, is trading at $ 71.56 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $67.88 a barrel. Oil prices started to rise after the official sale price of crude oil sold by Saudi Arabia to Asia and the USA on Sunday increased by 80 cents compared to the previous month. The interrupted talks between the US and Iran on the nuclear deal last week also contributed to the increase in prices. In addition, concerns that the "Omicron" variant of the coronavirus could affect global economic growth and fuel demand also supported the upward movement of oil prices. On the other hand, at its meeting last week, the OPEC+ group decided to continue its plan of gradual production increase of 400 thousand barrels per day in January as well. In technical terms, it was stated that the range of 71.51 to 71.82 dollars can be viewed as resistance, and the range of 71.20 to 70.89 dollars as a support zone in Brent oil.