Brent Oil Cruised Above $83 a Barrel

Brent oil cruised above $83 a barrel on October 11. Today, a barrel of Brent oil is priced at $83.51 in global markets.

Brent oil, which went up to $ 83.80 on Friday, closed the day at $ 82.39. Brent oil, which recorded an increase of 1.22 percent compared to the closing at 09:22 am today, is trading at $ 83.51 a barrel. A barrel of West Texas type (WTI) crude oil, which reached up to $81.03 at the opening of the session, is trading at $80.69. While the price pressure on crude oil, natural gas and coal markets around the world reinforces the perception that there will not be enough fuel for heating and electricity in winter, it continues to trigger the rise in oil prices. Rising natural gas and coal prices also encourage producers to use oil as an alternative fuel, supporting the upward trend in prices. Contrary to the market expectations, the barrel price of brent oil saw the peak of the last 3 years, after the OPEC + group left the increase in production at 400 thousand barrels per day in November, contrary to the market expectations. The barrel of WTI oil exceeded $80 for the first time in 7 years in international markets on Friday, after the world's largest oil producer, the USA, stated that it would not sell "for now" from its strategic oil reserves. In technical terms, it was stated that the range of $84.04 to $84.38 can be viewed as resistance and the range of $83.12 to 82.54 dollars can be viewed as support in Brent oil.