Brent Oil Dropped To $82 a Barrel

Brent oil dropped to $82 a barrel on November 11. Today in global markets, a barrel of Brent oil is priced at $82.86.

Brent oil, which went up to $ 85.50 yesterday, closed the day at $ 82.64. Brent oil, which recorded an increase of 0,26 percent compared to the closing at 09:00 today, is trading at $ 82.86 a barrel. At the same time, a barrel of West Texas type (WTI) crude oil was traded at $81.58. Oil prices slumped on concerns that rising energy costs in the US would boost inflation and expectations for more crude to be released from the US Strategic Petroleum Reserve. Consumer inflation data on Wednesday showed US prices rose 6.2 percent year-on-year. The dollar rose on expectations that actions by the White House and the US Federal Reserve to curb rising prices could lead to higher interest rates and tighter monetary policy. Oil often trades upside down against the dollar. After yesterday's decline, oil prices rose slightly due to the snow purchases in the morning today. According to data from the US Energy Information Administration (EIA), commercial crude oil stocks in the country increased by 1 million barrels (0.2 percent) last week to approximately 435 million 100 thousand barrels. The market expectation was that stocks would increase by 1 million 900 thousand barrels. In technical terms, it was stated that the range of $82.93 to $83.14 can be viewed as resistance, and the range of $82.72 to $82.51 as support in Brent oil.