Brent Oil Hovered Above $80 A Barrel

Brent oil hovered above $80 a barrel on November 5. Today in global markets, a barrel of Brent oil is priced at $80.31.

Brent oil, which went up to $ 84.49 yesterday, closed the day at $ 80.54. The barrel of Brent oil, which decreased by 0.29% compared to the closing at 09.33 hours today, is trading at $ 80.31. At the same time, West Texas Intermediate (WTI) crude oil was traded at $79.03 a barrel. The decision of the OPEC+ group to continue the current production increase plan, despite the growing concerns about insufficient supply in the markets and the calls for the US to increase oil supply, played a role in the movements in oil prices. 13-member OPEC led by Saudi Arabia and 10 non-OPEC oil producer countries led by Russia decided to maintain a daily production increase of 400 thousand barrels for December within the scope of the previously determined production regulation plan, at the 22nd Ministerial Meeting where they came together via video conference yesterday. At the 19th Ministerial Meeting on July 18, the Group had decided to increase its daily oil production by 400 thousand barrels per month in the August-December period. Ann-Louise Hittle, Deputy Head of Petroleum Research Department of Wood Mackenzie, a research and consultancy company headquartered in Scotland, pointed out that the OPEC group's doubts about the reality of the contraction in oil supply continue, she said, "As Wood Mackenzie, we are cautious. The transition from natural gas to oil is not at the feared levels. Demand is currently at the level of 200 to 300 thousand barrels per day. We estimate that the supply is sufficient to meet the demand." In technical terms, it was stated that the range of $ 80.63 to $ 81.07 can be viewed as resistance, and the range of $ 80.19 to $ 79.75 as support in Brent oil.