Brent Oil Hovered Above $83 A Barrel

Brent oil hovered above $83 a barrel on October 12. Today, a barrel of Brent oil is priced at $83.50 in global markets.

Brent oil, which went up to $ 84.59 yesterday, closed the day at $ 83.65. The barrel of Brent oil, which decreased by 0.17 percent compared to the closing at 10:02 am today, is trading at $ 83.50. At the same time, West Texas Intermediate (WTI) crude oil was traded at $80.17 a barrel. With the recovery of the global economy following the coronavirus epidemic, the recovery in crude oil demand was faster than expected, the supply lagging behind the demand, and the energy crisis due to problems in the supply chain continues to affect the world, while oil prices are at their highest levels in recent years. The barrel of WTI oil exceeded $82 yesterday, approaching the record level of $82.88 in October 2014. Brent oil, on the other hand, saw its highest level since October 2018 at $ 84.59. The prices, which are supported by the increase in natural gas and coal prices due to the disruptions in the supply chain, encouraging producers to use alternative fuels such as oil, brings along concerns that the rise in inflation will last longer than expected. Analysts predict that the transition from natural gas to oil may cause an increase in crude oil demand between 250 thousand and 750 thousand barrels per day. In technical terms, it is stated that the range of 84.03 to 84.47 dollars can be followed as resistance and the range of 83.20 to 82.81 dollars can be followed as support in Brent oil.