How much did a barrel of Brent oil cost?

SHAFAQNA TURKEY – The price of a barrel of Brent oil, which rose to $83.85 yesterday, ended the day at $80.98. The price of a barrel of Brent oil rose 1.33 percent to $82.06 as of 09:24 today compared to the closing date. At the same time, West Texas crude oil (WTI) found buyers at $78.16 per barrel.

The deluge of news that Russia may cut its crude oil supplies, despite the practice of capping prices, has had an effect on the rise in prices.

According to local media reports, Russian Deputy Prime Minister Alexander Novak said that Russia could respond by stopping sales to countries that support the imposition of cap prices on crude oil and petroleum products, and reduce oil production by 5-7% by early 2023.

On December 2, EU countries agreed on a maximum price of $60 per barrel for oil transported by sea from Russia.

On the other hand, the cancellation of many flights over the past two days due to a storm in the US, the world’s largest consumer of oil, and the fact that this coincides with the country’s busiest holiday season, give the impression that demand will rise. decreases and limits the upward price movement. However, it is stated that severe winter conditions across the country will increase the need for fuel for heating.

Chilling winds from the north pole will be effective in parts of the US and Canada, the National Weather Service said in a statement.

The statement stressed that more than 100 million people across the US could experience winter conditions not seen in decades and travel chaos could escalate over the Christmas weekend.

On the other hand, despite the easing of epidemic restrictions in China, the world’s second-biggest oil consumer, the recent rise in cases continues to weigh on oil prices.

It is argued that technically the $82.61-$83.07 range for Brent oil can be considered as resistance, and the $81.90-81.65 range as a support zone.