Brent Oil Reached Above $82 a Barrel

Brent oil reached above $82 a barrel on October 8. Today, in the global markets, a barrel of Brent oil is priced at $ 82.95.

Brent oil, which went up to $ 82.50 yesterday, closed the day at $ 81.95. The barrel of Brent oil, which recorded an increase of 1.22% compared to the closing at 10:03 am today, is trading at $ 82.95. At the same time, West Texas type (WTI) crude oil was traded at $79.36 a barrel. Uncertainty about whether the US will sell oil to the market from its strategic oil reserves and signs of a shift from natural gas to oil in industry and electricity generation played a role in the rise in prices. Oil prices, which fell a little after the US, the world's largest oil producer, announced that it could intervene in rising prices with the sale of strategic oil reserves, rose again with the publication of news that the US Department of Energy does not have such a plan "for now". Signs that some industrial establishments and power generation companies prefer oil as fuel due to rising natural gas prices also supported the rise in prices. Experts state that an acceleration in the transition from natural gas to oil for energy production in the upcoming winter period may increase the demand for crude oil, and this situation may fuel the uncertainty in prices. On the other hand, despite the rising energy prices, the OPEC+ group's decision to increase production by 400 thousand barrels per day for November within the scope of the previously determined production regulation plan and resisting the calls to accelerate production also contributed to the rise in prices. In technical terms, it is stated that the range of $83.20 to $83.49 can be followed as resistance, and the range of $82.91 to $82.62 can be followed as support in Brent oil.