Brent crude oil price at $77.09 per barrel

After rising to $77.23 on Friday, the price of a barrel of Brent crude oil closed the day at $76.55. As of 09:25 today, the price of a barrel of Brent crude oil increased by 0.70 percent compared to the closing price, reaching $77.09. At the same time, West Texas Intermediate (WTI) crude oil was trading at $72.34 per barrel.

Oil prices started the week with an upward trend. Concerns that attacks on ships in the Red Sea could lead to disruptions in oil supply and a decline in oil exports from Russia were influential in the price increase.

Following the actions of the Houthis in Yemen targeting ships heading to Israel in the Red Sea, some shipping companies decided to suspend their voyages in the Red Sea. Osama Rabie, Chairman of the Suez Canal Authority, stated in a written statement that the routes of 55 ships have been diverted to the Cape of Good Hope since November 19.

Due to the tension in the Red Sea, the fact that ships passing through the Bab el-Mandeb Strait have to change their routes is also affecting oil markets. The strait in question is one of the world's most important routes for global maritime commodity shipments.

On the other hand, Russian Deputy Prime Minister Alexander Novak announced yesterday that they could further reduce oil export cuts by 50 thousand barrels per day in December. Russia will continue its voluntary cut of 500 thousand barrels per day, which it has been implementing since April, in the first quarter of next year.

Technically, it is stated that the $77.24 to $77.40 range can be monitored as resistance for Brent crude oil, while the $76.72 to $76.62 range can be monitored as a support zone.

News Source: 12punto