Brent Oil Hovered Above $84 a Barrel

Brent oil hovered above $84 a barrel on October 19. Today, in global markets, Brent oil is priced at $ 84.69 a barrel.

Brent oil, which went up to $ 86.04 yesterday, closed the day at $ 84.33. The barrel of Brent oil, which increased by 0.42 percent compared to the closing at 09:17 am today, is trading at $ 84.69. At the same time, West Texas Intermediate (WTI) crude oil was traded at $82.14 a barrel. The limited increase in prices, which tested above $ 85 last week, is played by the global economic recovery after the coronavirus epidemic and the expectations that oil demand will increase with the effect of the approaching winter season. The predictions that demand will increase further as the rising natural gas and coal prices encourage the use of oil in electricity generation also supports prices upwards. On the other hand, data suggesting that the US will increase production in the country's largest oil field, the Permian Basin, next month are also pushing prices downwards. According to the US Energy Information Administration (EIA), production from the said region will increase by 62,000 barrels per day from the previous month to approximately 4.9 million barrels in November. In addition, the third quarter growth data announced in China, which was below expectations, continues to have a negative impact on prices. The Chinese economy grew by 4.9 percent in the third quarter, falling short of expectations. In technical terms, it is stated that the range of $84.76 to $84.85 can be viewed as resistance, and the range of $84.49 to 84.31 as support in Brent oil.