Brent Oil Reached $85 A Barrel

Brent oil reached $85 a barrel on October 15. Today in global markets, Brent oil is priced at 85 dollars a barrel.

Brent oil, which went up to $ 84.50 yesterday, closed the day at $ 84. The barrel of Brent oil, which increased 1.2 percent in the morning hours today, saw $85. This level was last recorded in October 2018. As a result of the last increase, the price of brent oil per barrel increased by 67 percent in 2021. Oil prices started to increase as a result of the signs that the supply-demand gap will open in the next few months, as the strong demand signals as well as the rising natural gas and coal prices led the producers to use oil. According to the International Energy Agency's (IEA) report released yesterday, global demand is expected to increase by 500,000 barrels per day compared to normal conditions, as rising natural gas prices encourage oil use. The Organization of Petroleum Exporting Countries (OPEC) also pointed out in its report published on Wednesday that the seasonal increase in oil consumption and high natural gas prices are expected to encourage producers to use oil in the last quarter of this year, which will lead to an increase in demand. On the other hand, according to data released by EIA yesterday, US commercial crude oil inventories increased by about 6.1 million barrels compared to the previous week, above the expectations. The market expectation was that inventories would increase by only 140,000 barrels. The country's gasoline stocks decreased by 2 million barrels. In technical terms, it was stated that the range of $84.94 to $85.24 can be followed as resistance, and the range of $84.64 to 84.34 as support in Brent oil.