Brent Oil Rose Above $82 a Barrel

Brent oil rose above $82 a barrel on November 19. Today in global markets, a barrel of Brent oil is priced at $82.06.

Brent oil, which went up to $ 81.39 yesterday, closed the day at $ 81.24. The barrel of Brent oil, which increased by 1.01 percent compared to the closing at 10:12 am today, is trading at $ 82.06. At the same time, West Texas Intermediate (WTI) crude oil was traded at $79.19 a barrel. Oil prices had started to decline yesterday due to the news that the USA requested large oil consumer countries such as China, Japan, South Korea and India to open their reserves for use. However, with the perception that this possible step of the countries would have a limited effect on the market, the prices started to rise again. It is stated that China, which has benefited from strategic oil reserves since September to alleviate the pressure of high raw material costs on local refineries, has approached this proposal positively by the USA, but has refrained from taking concrete steps yet, considering the need to evaluate its domestic consumption needs. It is said that Japan cannot legally put its reserves on the market. Experts stated that if these countries, under the leadership of the USA, sell oil from their strategic oil reserves to their domestic markets, the effects of this on prices in terms of duration and quantity will remain in a small range. This step of the USA is seen as a move against the OPEC+ group. Despite the US calls to increase oil supply, the OPEC+ group, at its meeting on November 4, decided to maintain a production increase of 400 thousand barrels per day for December within the scope of the previously determined production plan. In technical terms, it is stated that the range of $82.36 to $83.75 can be viewed as resistance, and the range of $80.97 to $79.58 as support in Brent oil.