Brent Oil Hovered Above $83 a Barrel

Brent oil hovered above $83 a barrel on November 1. Today in global markets, a barrel of Brent oil is priced at $83.47.

Brent oil, which went up to $ 84.83 on Friday, closed the day at $ 83.72. The barrel of Brent oil, which decreased by 0.30 percent compared to the closing at 09:38 am today, is priced at $ 83.47. At the same time, West Texas Intermediate (WTI) crude oil was traded at $83.14 a barrel. China's statement that it has released its fuel reserves has been effective in the decline in prices by easing the concerns of insufficient supply in the global oil markets. China's National Food and Strategic Reserves Administration, one of the world's largest oil consumers, announced the launch of gasoline and diesel reserves to increase market supply and maintain price stability in some regions. China had previously sold strategic oil reserves as part of the fight against high energy prices that threatened the country's economy. On the other hand, the markets turned their eyes to the meeting where the OPEC group will meet on November 4 to discuss the amount of cuts to be applied in December. At its meeting on July 18, the Group had decided to increase its daily oil production by 400,000 barrels per month in the August-December period. In technical terms, it is stated that the range of $84.05 to $84.88 can be viewed as a resistance zone, and the range of $83.22 to 82.39 dollars as a support zone in Brent oil.