Brent Oil Reached Above $86 a Barrel

Brent oil reached above $86 a barrel on January 17. Today, in global markets, Brent oil is priced at $ 86.44 a barrel.

Brent oil, which went up to $ 86.50 on Friday, closed the day at $ 86.06 a barrel. Brent oil, which increased by 0.44 percent compared to the closing at 09:46 am today, is trading at $ 86.44 a barrel. At the same time, a barrel of West Texas (WTI) crude oil was traded at $83.75. Concerns about insufficient production in the face of increasing oil demand played a role in the rise in oil prices. While the optimistic approach in the markets that the effect of the Omicron variant on the global oil demand will be short-lived, gains strength, the fact that the targeted quota could not be reached due to the production cuts in some member countries after the OPEC group's decision to continue its production increase of 400 thousand barrels in February supports the upward movement in prices. On the other hand, China's announcement that it will release its oil reserves to the market within the scope of the agreement reached in coordination with the USA and some major oil consumer countries for the period of January 31-February 6, suppresses the rise in prices. The US Department of Energy announced on Thursday that it had sold 18 million barrels of strategic crude oil reserves to 6 companies. With the announcement, expectations that such sales could tighten the schedule and provide more oil to the market, strengthened. In technical terms, it was stated that the range of 86.59 and 87.25 dollars can be followed as resistance, and the range of 85.93 and 85.27 dollars as support in Brent oil.