Brent Oil Hovered Above $83 a Barrel on October 13
Brent oil hovered above $83 a barrel on October 13. Today in global markets, a barrel of Brent oil is priced at $83.17.
Brent oil, which went up to $ 84.23 yesterday, closed the day at $ 83.42. The barrel of Brent oil, which recorded a decrease of 0.30 percent compared to the closing at 10:07 am today, is trading at $ 83.17. At the same time, West Texas Intermediate (WTI) crude oil was traded at $80.36 a barrel.
The continued rise in coal and natural gas prices, especially in regions such as China, India and Europe, is putting pressure on oil prices, raising concerns that high inflation will last longer than expected and that global growth will slow down and negatively affect oil demand.
In its report published yesterday, the International Monetary Fund (IMF) reduced its 2021 growth forecast for the global economy from 6 percent to 5.9 percent.
In its report, which drew attention to the rapid increase in inflation, the IMF revised its growth forecasts for the US and other major economies downwards, amid concerns that supply chain disruptions and cost pressures are affecting the global economic recovery.
On the other hand, according to data released today in China, the world’s largest crude oil importer, the country’s crude oil imports decreased by 15 percent in September compared to the same period last year.
It is stated that this decrease is the result of China selling oil from its strategic reserves last month to ease the pressure on local refineries from high raw material costs.
In technical terms, it is stated that the range of $83.47 to $84.40 can be viewed as resistance, and the range of $82.54 to 81.61 as support in Brent oil.