Brent Oil Dropped Below $83 A Barrel

Brent oil dropped below $83 a barrel on October 28. Today in global markets, a barrel of Brent oil is priced at $82.94.

Brent oil, which went up to $ 86.28 yesterday, closed the day at $ 83.87. The barrel of Brent oil, which decreased by 1.11 percent compared to the closing at 09:15 am today, is trading at $ 82.94. At the same time, West Texas Intermediate (WTI) crude oil was traded at $81.72 a barrel. According to data from the US Energy Information Administration, the country's commercial crude oil inventories rose last week, more than expected by 4.3 million barrels, from the previous week. The market expectation was that inventories would increase by 1 million 650 thousand barrels. The strategic oil reserves of the country, which is the world's largest oil consumer, decreased by 1 million 100 thousand barrels, and gasoline stocks decreased by 2 million barrels. Oil prices fell due to the rise in crude oil inventories, which pointed to a decline in demand and a recovery in supply in the country, despite the decline in US strategic oil reserves and gasoline stocks. Experts predict that in the short term, natural gas prices will continue to rise due to supply lagging behind demand, and the rise in oil prices will continue as this situation encourages producers to use oil in the winter period. In technical terms, it is stated that the range of $83.17 to $83.84 can be viewed as resistance, and the range of $82.50 to 81.83 as support in Brent oil.