Brent Oil Reached Above $83 a Barrel

Brent oil reached above $83 a barrel on November 8. Today in global markets, Brent oil is priced at $ 83.68 a barrel.

Brent oil, which went up to 83.16 on Friday, finished the day at $ 82.74. The barrel of Brent oil, which increased by 1.14 percent compared to the closing at 09:45 today, is trading at $ 83.68. At the same time, West Texas Intermediate (WTI) crude oil was traded at $82.28 a barrel. Saudi Aramco, the national oil company of Saudi Arabia, announced yesterday that it has increased the price of crude oil for Asian oil consumers from $1.40 to $2.70 for December. Aramco's move played a role in the rise in prices, leading to the perception that demand remains strong in markets where insufficient supply concerns persist. Despite the calls of the USA to increase oil supply, the OPEC group decided to maintain the production increase of 400 thousand barrels per day for December, within the scope of the production plan determined before, at its meeting held on November 4th. Following the group's decision, US President Joe Biden said on Saturday they have "other tools" to combat high fuel prices. This statement revealed the expectations in the markets that the USA will use its strategic oil reserves. On the other hand, the drop in oil imports of China, the world's second largest oil consumer, to the lowest level of the last 3 years in October put a curb on the rise in prices. This decline was due to the fact that state-owned refineries stopped their purchases due to high prices, and that the purchases of independent refineries were limited. In technical terms, it was stated that the range of 83.75 to 83.93 dollars can be viewed as resistance and the range of 83.57 to 83.39 dollars as a support zone in Brent oil.