Brent Oil Reached Above $80 A Barrel

Brent oil reached above $80 a barrel on January 6. Today in global markets, Brent oil is priced at $ 80.14 a barrel.

Brent oil, which went up to $ 81.50 yesterday, closed the day at $ 80.80. Today, at 09:30 am, the barrel of Brent oil, which decreased 0.81 percent compared to the closing, is trading at $ 80.14. At the same time, West Texas Intermediate (WTI) crude oil was traded at $77.21 a barrel. The rise in gasoline stocks of the USA, the world's largest oil consumer, played a role in the decline in oil prices. According to the data of the US Energy Information Administration (EIA), US gasoline stocks increased by 10 million 100 thousand barrels (4.5 percent) to 232 million 800 thousand barrels last week. In the USA, where the biggest increase in gasoline stocks since April 2020 was realized, the data on the decrease in demand brought prices down. On the other hand, commercial crude oil stocks in the country decreased by 2 million 100 thousand barrels (0.5 percent) last week to approximately 417 million 900 thousand barrels. The market expectation was that inventories would decrease by 3 million 400 thousand barrels. The decrease in stocks, which fell short of the market expectations, also supported the decline in prices. In addition, the US Federal Reserve's (Fed) signal that it may start to increase interest rates earlier and faster than expected also puts pressure on risky assets and reflects negatively on oil markets. In technical terms, it is stated that the range of $ 80.22 to $ 80.38 can be viewed as resistance and the range of $ 79.76 to 79.46 dollars can be viewed as support in Brent oil.