Brent Oil Dropped Below $80 A Barrel

Brent oil dropped below $80 a barrel on November 18. Today, Brent oil is priced at $79.87 a barrel in global markets.

Brent oil, which went up to $ 82.22 yesterday, closed the day at $ 80.28. The barrel of Brent oil, which recorded a decrease of 0.51 percent compared to the closing at 09:34 am today, is trading at $ 79.87. At the same time, West Texas Intermediate (WTI) crude oil was traded at $76.99 a barrel. The news that the US demanded that the world's largest oil consumer countries such as China, Japan, South Korea and India open their oil reserves played a role in the decline in prices. According to the news of the South China Morning Post, which is based on the authorities, it is stated that the Chinese side has approached the proposal positively, but has refrained from taking concrete steps yet due to the need to evaluate its domestic consumption needs. On the other hand, the decrease in the commercial crude oil stocks of the USA was a factor that restrained the downward movement of prices. According to the US Energy Information Administration, commercial crude oil inventories in the country decreased by 2 million 100 thousand barrels (0.5 percent) last week to approximately 433 million barrels. The market expectation was that stocks would increase by 1 million 500 thousand barrels. Strategic crude oil stocks, which are not included in commercial crude oil stocks, decreased by 3 million 200 thousand barrels (0.5 percent) to 606 million 100 thousand barrels. In the aforementioned period, US gasoline stocks decreased by 700 thousand barrels (0.3 percent) to 212 million barrels. In technical terms, it was stated that the range of 80.10 to 80.19 dollars can be viewed as resistance and the range of 79.81 to 79.72 dollars as support in Brent oil.