Brent Oil Reached Above $82 a Barrel

Brent oil reached above $82 a barrel on November 16. Today, Brent oil is priced at $82.93 a barrel in global markets.

Brent oil, which went up to $ 82.49 yesterday, closed the day at $ 82.05. The barrel of Brent oil, which recorded an increase of 1.07 percent compared to the closing at 09:45 am today, is trading at $ 82.93. At the same time, West Texas Intermediate (WTI) crude oil was traded at $80.47 a barrel. The expectation that the increase in the number of Covid-19 cases in Europe will reduce the demand for oil plays a decisive role on prices. In its monthly oil market report published last week, Organization of Petroleum Exporting Countries (OPEC) lowered its global oil demand forecast for the fourth quarter by 330 thousand barrels per day compared to the previous month's report. Prices are balancing on the forecast that supply will increase despite expectations of a decline in global oil demand. The news that the USA will release strategic oil reserves to control the rising fuel prices, the OPEC+ group's preservation of 400 thousand barrels per day production increase for December and the increasing number of drilling rigs in the USA for the last three weeks also support the predictions that the supply will increase. Norway-based independent energy research organization Rystad Energy Petroleum Markets Analyst Louise Dickson stated that the markets focus on future supply expectations and developments in the Covid-19 epidemic, with the thought that the supply constraint will be short-term. Stating that global oil supply still lags behind demand, Dickson said, "We predict that this trend will change towards the middle of 2022 and triple-digit prices will not be seen in oil." In technical terms, it was stated that the range of $83.04 to $83.20 can be viewed as resistance, and the range of $82.67 to $82.46 as support in Brent oil.