Brent Oil Reached Above $71 A Barrel

Brent oil reached above $71 a barrel on December 1. Today, Brent oil is priced at $71.79 a barrel in global markets.

Brent oil, which went up to $ 74.56 yesterday, closed the day at $ 69.23. Today, at 09:35 am, the barrel of brent oil, which increased by 3.70 percent compared to the closing, is trading at $ 71.79. At the same time, West Texas Intermediate (WTI) crude oil was traded at $68.47 a barrel. Markets paid attention to the meeting, where the OPEC+ group will meet tomorrow to evaluate the market conditions.

Omicron Variant Suppresses Prices

The decision to be taken at the meeting is expected to be related to Covid-19, which caused a sharp fall in oil prices, as well as the joint reserve sales move of major oil-consuming countries led by the USA. On the other hand, concerns about the Omicron variant of Covid-19 and different explanations about the effectiveness of current vaccines cause pressure on prices. According to the American Petroleum Institute forecast, the country's commercial crude oil inventories decreased by about 747 thousand barrels last week compared to the previous week. The market expectation was that inventories would decrease by about 1.7 million barrels. Official oil stock data from the U.S. Energy Information Administration will be released today. In technical terms, it is stated that the range of 71.92 and 72.58 dollars can be followed as resistance, and the range of 71.26 and 70.60 dollars as support in Brent oil.