Brent Oil Reached Above $85 a Barrel

Brent oil reached above $85 a barrel on November 10. Today, Brent oil is priced at $85.33 a barrel in global markets.

Brent oil, which went up to $ 85.30 yesterday, closed at $ 84.78. The barrel of Brent oil, which increased by 0.65 percent compared to the closing at 09:40 am today, is trading at $ 85.33. At the same time, West Texas Intermediate (WTI) crude oil was traded at $84.47 a barrel. According to the American Petroleum Institute forecast, the country's commercial crude oil inventories fell by about 2.5 million barrels last week from the previous week. The market expectation was that inventories would increase by 1.9 million barrels. Contrary to the expectations, the forecast of a decrease in the crude oil stocks of the USA, the world's largest oil consumer, leads to the perception that the demand in the country remains strong, causing prices to rise. Official oil stock data from the US Energy Information Administration (EIA) will be released today. If the EIA points to a decline in inventories, prices are expected to rise further. In the EIA's November 2021 Short-Term Energy Outlook Report, US fuel prices were predicted to decline over the next few months. Experts said that as a result of these predictions, the Biden administration may cancel its plan to use strategic oil reserves. In technical terms, it was stated that the range of $85.51 to $86.04 can be viewed as resistance, and the range of $84.98 to 84.45 as support in Brent oil.