Brent Oil Reached Above $83 A Barrel

Brent oil reached above $83 a barrel on October 6. Today, in global markets, a barrel of Brent oil is priced at $ 82.95.

Yesterday, Brent oil closed the day at $ 82.71. The barrel of Brent oil, which increased by 0.29% compared to the closing at 09:45 am today, is trading at $ 82.95. At the same time, West Texas type (WTI) crude oil was traded at $79.30 a barrel. Despite the rising energy prices due to the supply-demand gap, the OPEC group decided to maintain the production increase of 400 thousand barrels per day for November within the scope of the production regulation plan determined earlier at the meeting held on Monday. While the price pressure of the energy crisis on the crude oil, natural gas and coal markets continues to increase with the concern that there will not be enough fuel for heating and electricity in the winter period, Brent oil is trading at the highest levels of the last 3 years and WTI at the highest levels of the last 7 years. On the other hand, the American Petroleum Institute predicted that the commercial crude oil inventories of the US will increase by 951,000 barrels, contrary to the expectations, compared to the previous week. The market expectation was that inventories would decrease by 300,000 barrels. This data means that fuel demand is slowing in the world's largest oil-consuming country. Official oil stock data from the U.S. Energy Information Administration will be released today. In technical terms, it is stated that the range of $83.03 to $83.56 can be viewed as resistance, and the range of $82.50 to 81.97 as support in Brent oil.