Brent Oil Dropped To $84 A Barrel

Brent oil dropped to $84 a barrel on October 27. Today, in the global markets, a barrel of Brent oil is priced at $ 84.89.

Brent oil, which went up to $ 86.50 yesterday, closed the day at $ 85.65. The barrel of Brent oil, which recorded a decrease of 0.89 percent compared to the closing at 09:15 am today, trading at $ 84.89. At the same time, a barrel of West Texas (WTI) crude oil was traded at $83.75. 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. According to the forecast of the American Petroleum Institute (API), commercial crude oil stocks in the country increased by 2 million 318 thousand barrels last week compared to the previous week. The market expectation was that inventories would increase by 1 million 650 thousand barrels. According to API estimates, an increase of 500 thousand barrels was recorded in gasoline inventories in the USA. The fact that the aforementioned data also indicates that the demand for transportation in the country has decreased, putting prices down. Official oil stock data from the U.S. Energy Information Administration will be released today. Experts expect that the rise in natural gas prices will continue as supply lags behind demand in the short term and that the upward trend in prices will continue as this situation encourages producers to use oil in the winter period. In technical terms, it is stated that the range of $85.36 to $85.93 can be viewed as resistance, and the range of $84.79 to $84.22 as support in Brent oil.