Brent Oil Hovered Above $82 a Barrel
Brent oil hovered above $82 a barrel on November 24. Today, a barrel of Brent oil is priced at $82.57 in global markets.
Brent oil, which went up to $ 82.60 yesterday, closed the day at $ 82.31. The barrel of Brent oil, which recorded an increase of 0,31 percent compared to the closing at 09:35 am today, is trading at $ 82.57. At the same time, West Texas Intermediate (WTI) crude oil was traded at $78.86 a barrel.
Yesterday, it was announced that the USA would offer 50 million barrels of crude oil from its strategic oil reserve against high oil prices.
In the statement made by the White House, it was announced that the decision was taken together with other major energy consuming countries, including China, India, Japan, South Korea and the United Kingdom, pointing out that US President Joe Biden is working with other countries to address the lack of supply.
With Biden’s statements, the price of Brent oil per barrel increased by 3.7 percent on a daily basis, while experts stated that the plan had technical difficulties and did not meet expectations.
Bjornar Tonhaugen, Director of Petroleum Market Research at Rystad Energy, an independent research organization based in Norway, stated that the US organizing the sale of strategic oil reserves, including China, is a first in terms of quantity released.
Tonhaugen reminded that a similar practice was carried out by International Energy Agency member countries during the 2011 Libyan war, but China was not involved in this movement.
Estimating that the total amount of stock sales may exceed 60-70 million barrels at the moment, Tonhaugen noted that the news about the sale of oil from strategic reserves has been known for several weeks and the market is no longer expected to react to it.
In addition to the profit purchases, the increase in fuel demand in the USA, which will go on holiday due to Thanksgiving from tomorrow, was also effective in the rise in prices.
On the other hand, the concerns that the new measures taken against the epidemic after the increasing number of coronavirus (Covid-19) cases in Europe will negatively affect the economies and weaken the demand outlook continue to suppress prices.
In technical terms, it is stated that the range of 82.66 and 83.55 dollars can be followed as resistance, and the range of 81.77 and 80.88 dollars as support in Brent oil.