Brent Oil Is Close To $84 A Barrel
Brent oil is close to $84 a barrel on October 14. Today, a barrel of Brent oil is priced at $83.95 in global markets.
Brent oil, which went up to $ 83.69 yesterday, closed the day at $ 83.18. The barrel of brent oil, which increased by 0.93 percent compared to the closing at 10:10 am today, is trading at $ 83.95. At the same time, West Texas type (WTI) crude oil was traded at $81.16 a barrel.
According to the American Petroleum Institute forecast, the country’s commercial crude oil inventories increased last week by about 5.2 million barrels from the previous week, more than expected. The market expectation was that inventories would increase by only 140,000 barrels.
Gasoline stocks of the country, which is the world’s largest oil consumer, decreased by 4.6 million barrels.
Oil prices rose on the back of a decline in gasoline stocks, which indicates that demand remains high in the country despite the forecast for an increase in US crude oil stocks.
Official oil stock data from the US Energy Information Administration (EIA) will be released today.
On the other hand, the expectations that the ongoing increase in natural gas prices in global markets may encourage producers to use oil as an alternative fuel in order to meet the heating demand with the approaching winter season also supports the upward trend in prices.
In its report released yesterday, the Organization of Petroleum Exporting Countries (OPEC) revised its forecast for the increase in global oil demand for this year downwards, while keeping its forecast for 2022 unchanged. In the last quarter of this year, OPEC gave the message that the seasonal increase in oil consumption and high natural gas prices are expected to encourage producers to use oil, which will lead to an increase in demand.
In technical terms, it was stated that the range of $83.99 to $84.13 can be viewed as resistance, and the range of $83.85 to 83.71 as support in Brent oil.