Brent Oil Hovered Above $72 A Barrel

Brent oil hovered above $72 a barrel on December 15. Today, Brent oil is priced at $72.98 a barrel in global markets.

Brent oil, which rose to $ 75.16 yesterday, closed the day at $ 73.70. Brent oil, which decreased by 0.97 percent compared to the closing at 09:23 am today, is trading at $ 72.98 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $69.94 a barrel. The predictions that the global oil supply will exceed the demand next year played a role in the decline in oil prices. In the November oil market report of the International Energy Agency (IEA), it was predicted that global oil supply will exceed demand from December and this trend will continue next year, as the USA and OPEC group increased production to prevent market contraction. The agency also revised downward its forecast for the increase in global oil demand for this year and next year due to the rise in the number of Covid-19 cases. The less-than-expected decrease in oil stocks in the US slows the recovery of demand in the country, which in turn supports the downward movement of prices. According to the forecast of the American Petroleum Institute, the country's commercial crude oil inventories decreased by about 240 thousand barrels last week compared to the previous week. The market expectation was that inventories would decrease by approximately 1 million 705 thousand barrels. Markets focused on the US Federal Reserve (Fed) decisions to be announced today and official oil stock data from the US Energy Information Administration. It is stated that the range of $73.17 to $73.58 can be viewed as resistance, and the range of $72.47 to $72.18 as support in Brent oil.