Brent Oil Cruised Above $82 A Barrel
Brent oil cruised above $82 a barrel on November 25. Today in global markets, a barrel of Brent oil is priced at $82.33.
Brent oil, which went up to $ 83 yesterday, closed the day at $ 82.25. The barrel of Brent oil, which increased by 0.09 percent compared to the closing at 09:14 am today, is trading at $ 82.33. At the same time, West Texas Intermediate (WTI) crude oil was traded at $78.39 a barrel.
While the major oil consumer countries, led by the USA, are preparing to release their strategic oil reserves to the market, the uncertainty of the reaction of the OPEC+ group that will meet next week played a role in the prices.
It was announced this week that the United States would offer 50 million barrels of crude oil from its strategic oil reserve against high oil prices.
Experts argue that the said move of major oil-consuming countries will not have a lasting effect on the markets, while pointing out that the recovery in demand continues after the coronavirus (Covid-19) epidemic.
On the other hand, it is estimated that the OPEC+ group will not abandon its current policy of easing production cuts. The next meeting of the group will be held on December 2, where it will meet to evaluate market conditions and discuss the amount of production cuts.
The increase in the commercial crude oil stocks of the USA, on the other hand, causes the perception that the demand is low and suppresses the prices. According to data from the US Energy Information Administration (EIA), commercial crude oil inventories in the country increased by 1 million barrels (0.2 percent) last week to approximately 434 million barrels. The market expectation was that inventories would decrease by 950 thousand barrels.
In technical terms, it is stated that the range of 82.49 to 82.58 dollars can be followed as resistance, and the range of 82.28 to 82.16 dollars as a support zone in Brent oil.