Brent Oil Hovered Above $85 A Barrel

Brent oil hovered above $85 a barrel on October 25. Today, Brent oil is priced at $85.31 a barrel in global markets.

Brent oil, which fell to $ 84.59 on Friday, closed at $ 84.64. The barrel of Brent oil, which gained 0.79 percent value compared to the closing at 10:21 am today, is trading at $ 85.31. At the same time, West Texas Intermediate (WTI) crude oil was traded at $84.47 a barrel. Oil prices continued their rise for the ninth week with supply-demand imbalances after major economies, including the USA, recovered from the low demand pressure caused by the coronavirus epidemic. After the recent spikes in coal and gas prices encouraged electricity producers to switch to diesel and fuel oil, concerns that there might be disruptions in coal and gas supplies in China, India and Europe supported the rise in oil prices. Experts predict that sharp rises in crude oil prices will push investors to be more cautious and some price corrections may be seen in the coming weeks. In technical terms, it is stated that the range of $85.71 to $86.06 can be viewed as resistance, and the range of $84.83 to $84.30 as support in Brent oil.