Brent Oil Reached Above $74 a Barrel

Brent oil reached above $74 a barrel on December 7. Today, in global markets, Brent oil is priced at $ 74.09 a barrel.

Brent oil, which went up to $ 73.80 yesterday, closed the day at $ 73.08. Brent oil, which increased by 1.4 percent compared to the closing at 09:25 am today, is trading at $ 74.09 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $70.66 a barrel. The increase in oil prices played a major role in the economic recovery and the reduction of concerns that the Omicron variant, which emerged in the coronavirus (Covid-19) epidemic, would slow down global oil demand. Chief Health Advisor to US President Joe Biden, Director of the US National Institute of Allergy and Infectious Diseases Dr. Anthony Fauci noted that the Omicron variant may not be as heavy as thought, although more data is needed to come to a firm conclusion. On the other hand, the increase of 80 cents in the January sales price of crude oil sold by Saudi Arabia to Asia and the USA on Sunday compared to the previous month was a factor supporting the upward movement of prices. The interruption of negotiations in Iran's nuclear deal talks also plays a role in the increase in oil prices. Markets focused on oil stock data, which the American Petroleum Institute will release today. Official oil stock data from the US Energy Information Administration will be released tomorrow. In technical terms, it is stated that the range of 74.20 to 74.36 dollars can be viewed as a resistance and the range of 73.72 to 73.40 dollars as a support zone in Brent oil.