Brent oil price per barrel is $77.56

The barrel price of Brent oil, which rose to $ 77.73 yesterday, completed the day at $ 77.25. As of 09:28 today, the barrel of Brent oil was traded at $ 77.56, an increase of 0.40 percent compared to the closing. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $73.50 a barrel.

After the Gulf of Mexico, where the USA's most important oil production facilities are located, was under the influence of two tropical storms last month, the fact that the offshore oil production platforms in the region still cannot reach full capacity production continues to support prices upwards. Brent saw its highest level in the last two months yesterday as the perception of recovery in demand in the country strengthened, while Brent saw its highest level in the last two months. approximately 414 million barrels. This figure was recorded as the lowest level since October 2018. The market expectation was that inventories would decrease by 2 million 400 thousand barrels.

The Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC producer countries, also contributed to the increase in production due to insufficient investments during the epidemic period and delays in the maintenance required at production facilities, which also contributed to the rise in prices. Noting that, he stated that OPEC+ will try to keep oil prices around $70 per barrel. The ministerial meeting, where OPEC+ will evaluate production levels, will be held on 4 October.

China's reserve sales will have a limited impact on oil prices. China's first sale of its state reserves to the public has somewhat suppressed the upward course of oil prices. One of the world's largest oil consumers, China has opened its crude oil reserves to alleviate the pressure of high raw material costs on local refineries. Among the companies participating in the auction, state-owned PetroChina and private refinery and chemicals producer Hengli Petrochemical reportedly purchased a total of 4.43 million barrels of crude oil.

It is stated that technically, the range of 77.74 to 78.13 dollars in Brent oil can be followed as a resistance and the range of 76.95 to 76.55 dollars as a support zone.