Brent Oil Hovered Above $81 A Barrel

Brent oil hovered above $81 a barrel on November 15. Today, Brent oil is priced at $81.54 a barrel in global markets.

Brent oil, which went up to $ 82.87 on Friday, closed the day at $ 82.17. Brent oil, which decreased by 0.77 percent compared to the closing at 09:33 am today, is trading at $ 81.54 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $79.08 a barrel. Oil prices continue to decline as the market perception that supply is recovering and demand is weakening gains ground. In its monthly oil market report released last week, the Organization of Petroleum Exporting Countries (OPEC) reported that global oil supply increased by 1 million 740 thousand barrels per day to approximately 97 million 560 thousand barrels last month compared to the previous month. The Group announced that its global oil demand forecast for the last quarter of this year will be 99 million 490 thousand barrels per day, decreasing by 330 thousand barrels per day compared to the previous forecast. The oil market report of the International Energy Agency for October will be published tomorrow. In addition to the rise in the US dollar, expectations that the USA, the world's largest oil producer and consumer, will be able to sell from strategic oil reserves within the scope of combating high fuel prices also play a role in the decline in prices. Despite the US calls to increase oil supply, the OPEC+ group, at its meeting on November 4, decided to maintain a production increase of 400 thousand barrels per day for December within the scope of the previously determined production plan. On the other hand, according to the weekly data released by the oil field services company Baker Hughes, the number of oil drilling rigs in the country increased by 4 to 454 in the period of 5-12 November compared to the previous week. The number of oil drilling rigs in the USA has increased by a total of 218 in the last 1 year. In technical terms, it was stated that the range of $82.21 to $83.17 can be viewed as resistance, and the range of $81.25 to 80.29 as support in Brent oil.