Brent Oil Reached Above $85 A Barrel

Brent oil reached above $85 a barrel on November 1. Today, a barrel of Brent oil is priced at $85.04 in global markets.

Brent oil, which went up to $ 85.12 yesterday, closed the day at $ 84.71. The barrel of Brent oil, which increased by 0.39 percent compared to the closing at 09:43 am today, is trading at $ 85.04. At the same time, West Texas Intermediate (WTI) crude oil was traded at $84.25 a barrel. Oil prices, which have seen the highest levels of the last 3 years due to the increase in global oil demand and insufficient supply, continue to rise with the expectation that the OPEC group will stick to the current production increase plan. Markets paid attention to the meeting where the OPEC group will meet on November 4 to discuss the amount of cuts to be applied in December. Experts stated that the group is not expected to make a change in its production policy, despite the growing concerns about insufficient supply in the markets and the call of the US to further increase oil supply. At its meeting on July 18, the group had decided to increase its daily oil production by 400,000 barrels per month for the August-December period. On the other hand, the news flow that China, one of the world's largest oil consumers, increased production in refineries to meet the increase in diesel demand put a damper on the rise in prices. In technical terms, it was stated that the range of $85.19 to $85.80 can be viewed as resistance, and the range of $84.58 to $83.97 as support in Brent oil.