Brent Oil Dropped To $81 A Barrel

Brent oil dropped to $81 a barrel on November 4. Today, a barrel of Brent oil is priced at $81.50 in global markets.

Brent oil, which went up to $ 84.20 yesterday, closed the day at $ 81.99. The barrel of Brent oil, which recorded a decrease of 0.60 percent compared to the closing at 09:45 am today, is trading at $ 81.50. At the same time, West Texas Intermediate (WTI) crude oil was traded at $80 a barrel. The increase in the commercial crude oil stocks of the USA, the world's largest oil consumer, played a role in the decline in oil prices, after Iran announced that the nuclear agreement negotiations in Vienna would resume. In a phone call with Enrique Mora, Deputy Secretary General and Political Director of the European Union (EU) Foreign Relations Service, Iran's Deputy Foreign Minister Ali Bakiri said they had agreed to resume the 6th round of nuclear deal negotiations in Vienna, on November 29, "in order to lift US sanctions on Iran." The fact that the parties would sit at the table again supported the expectations in the markets that the US sanctions on Iranian oil would be lifted and that it would contribute to the global oil supply, which was insufficient in the face of demand. After Joe Biden took office in the USA, the nuclear agreement negotiations, which started in Vienna on April 6 and lasted for 6 rounds, were suspended due to the change of government in Iran. After the Iranian government announced that it would return to the talks, the preliminary talks between the EU and Iran resumed on October 14. According to data from the US Energy Information Administration, the country's commercial crude oil inventories increased by 3 million 300 thousand barrels last week, above expectations. The market expectation was that stocks would increase by 1 million 650 thousand barrels. This increase puts pressure on prices by showing that demand is falling and supply is recovering in the world's largest oil consumer country. In addition to all these, the markets paid attention to the meeting where the OPEC+ group will meet today and discuss the amount of cuts to be applied in December. The OPEC+ group, which decided to increase its daily oil production by 400 thousand barrels per month in the August-December period at its meeting in July, is not expected to make any changes in its production policy despite the growing concerns about insufficient supply in the markets and the calls of the USA to increase oil supply. In technical terms, it is stated that the range of 81.63 to 82.15 dollars can be followed as a resistance and the range of 81.11 to 80.59 dollars as a support zone in Brent oil.