Brent Oil Hovered Above $84 a Barrel

Brent oil hovered above $84 a barrel on January 14. Today in global markets, Brent oil is priced at $ 84.64 a barrel.

Brent oil, which went up to $ 85.10 yesterday, closed the day at $ 84.47. Brent oil, which increased by 0.20 percent compared to the closing at 09:46 am today, is trading at $ 84.64 a barrel. At the same time, West Texas Intermediate (WTI) crude oil was traded at $82.08 a barrel.

Oil prices are mixed after expectations that the world’s largest oil consumer, the USA, may take action to reduce crude oil prices, which are above $80 per barrel.

After the US Department of Energy announced yesterday that it has sold 18 million barrels of strategic crude oil reserves to six companies, expectations have strengthened that such sales will tighten the schedule and provide more oil to the market.

The world’s second largest oil consumer, China’s tightening of its measures against the increasing Covid-19 cases also had an impact on prices, causing concerns that it would negatively affect global oil demand.

However, with the optimistic approach in the markets that the impact of the Omicron variant of Covid-19 on the global economy and oil demand will be short-lived, the decline in the US crude oil stocks to the lowest level since 2018 limits the losses in oil prices.

It was stated that the range of $84.74 to $85.31 can be viewed as resistance, and the range of $84.17 to 83.60 as support in Brent oil.