Brent Oil Hovered Above $83 a Barrel

Brent oil hovered above $83 a barrel on November 9. Today, a barrel of Brent oil is priced at $83.47 in global markets.

Brent oil, which went up to $ 84 yesterday, closed the day at $ 83.43. The barrel of Brent oil, which increased by 0.05 percent compared to the closing at 09:28 today, is trading at $ 83.47. At the same time, West Texas Intermediate (WTI) crude oil was traded at $82.02 a barrel. Despite the concerns about insufficient supply, the strong demand outlook in the markets and the US's statement that it is evaluating possible options to combat high fuel prices play a role in the volatility in prices. Despite the USA's calls to increase oil supply, the OPEC group, at its meeting held on November 4, decided to maintain a production increase of 400 thousand barrels per day for December within the scope of the previously determined production plan. Following the group's decision, US President Joe Biden said in a statement that they have "other tools" to combat high fuel prices. This statement of Biden revealed expectations in the markets that the USA would use its strategic oil reserves. In technical terms, it is stated that the range of $83.60 to $84.10 can be viewed as resistance, and the range of $83.10 to 82.60 as support in Brent oil.