Brent Oil Is Trading Above $79 A Barrel

Brent oil is trading above $79 a barrel on January 5. Today, Brent oil is trading at $79.94 a barrel in global markets.

Brent oil, which went up to $ 80.55 yesterday, closed the day at $ 80. Today, at 09:17, the barrel of Brent oil, which decreased by 0.08 percent compared to the closing, is trading at $ 79.94. At the same time, West Texas Intermediate (WTI) crude oil was traded at $76.92 a barrel. The announcement at the 24th Ministerial Meeting of the OPEC+ group yesterday that daily oil production would continue to be increased gradually played a role in the decline in prices. The Group will continue to increase production by 400 thousand barrels per day for February. The OPEC+ group will hold its next meeting on February 2. On the other hand, 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. According to the forecast of the American Petroleum Institute, the country's commercial crude oil stocks decreased by about 6 million 432 thousand barrels last week compared to the previous week. The market expectation was that inventories would decrease by about 3 million 400 thousand barrels. Official oil stock data from the U.S. Energy Information Administration will be released today. In technical terms, it was stated that the range of $80.04 to $80.18 can be viewed as resistance, and the range of $79.80 to 79.70 as support in Brent oil.