Brent Oil Cruised Above $83 a Barrel

Brent oil cruised above $83 a barrel on November 3. Today, a barrel of Brent oil is priced at $83.84 in global markets.

Brent oil, which went up to $ 85.23 yesterday, closed the day at $ 84.72. The barrel of Brent oil, which decreased by 1.04 percent compared to the closing at 09:35 am today, is trading at $ 83.84. At the same time, West Texas Intermediate (WTI) crude oil was traded at $82.69 a barrel. The forecast for a higher-than-expected rise in the crude oil stocks of the USA, the world's largest oil consumer, leads to the perception that the demand in the country is low, pushing prices down. According to the American Petroleum Institute estimate, the country's commercial crude oil inventories increased by about 3.6 million barrels last week compared to the previous week. The market expectation was that inventories would increase by about 1.6 million barrels. Official oil stock data from the U.S. Energy Information Administration will be released today. On the other hand, while the markets are focused on the meeting where the OPEC+ group will meet on November 4 to discuss the amount of cuts to be applied in December, the pressure on the group to increase production, especially in the USA, continues. The OPEC+ group, which decided to increase its daily oil production by 400 thousand barrels per month in the August-December period at its meeting in July, wants to stick to this decision despite all the pressures. In technical terms, it is stated that the range of $83.98 to $84.36 can be viewed as resistance, and the range of $83.60 to 83.22 as support in Brent oil.