Brent Oil Hovered Above $78 a Barrel

Brent oil hovered above $78 a barrel on January 3. Today, Brent oil is priced at $78.35 a barrel in global markets.

Brent oil, which went up to $ 79.68 on Friday, closed the day at $ 77.78. Brent oil, which recorded an increase of 0.73 percent compared to the closing at 09:25 am today, is trading at $ 78.35 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $75.83 a barrel. The contraction in Libya's oil supply and the positive atmosphere created by the Organization of the Petroleum Exporting Countries (OPEC) meeting that will take place tomorrow play a role in the rise in oil prices. In a statement made by the Libyan National Petroleum Corporation on Saturday, it was announced that due to the maintenance work that will begin as of Sunday on an oil line between the Samah and Dahra fields, oil production will be cut by 200,000 barrels per day for a week. Markets focused on tomorrow's meeting of the OPEC+ group. At the meeting, it will be decided whether the group will continue its planned production increase of 400 thousand barrels per day in February. Experts predict that oil prices, which rose due to the global economic recovery last year, will remain lower this year due to the rapidly spreading Omicron variant. On the other hand, despite the fact that the number of oil rigs in the USA remained stable this week, the rise in successive increases throughout November and December indicates that the increase in production in the country continues. According to the weekly data released by the oil field services company Baker Hughes, the number of oil rigs in the country remained unchanged at 480 during the 25-31 December period compared to the previous week, but the number of oil rigs in the country increased by a total of 213 in the last 1 year. In technical terms, it is stated that the range of $78.50 to $78.59 can be viewed as resistance, and the range of $78.30 to 78.19 as support in Brent oil.