Oil Prices Flexed 80,60 Support!

Oil Prices Flexed 80,60 Support!

Oil Prices Flexed 80,60 Support!

Starting the week with a somewhat weak scenario, pricing below the 83.40 level came to the fore in crude oil prices. After the weekly crude oil inventories announced by the American Petroleum Institute increased by around 2.3 million barrels, we saw the potential for pullback in commodities to increase. On the other hand, Blackrock CEO made a statement that the price of crude oil is likely to reach $100 per barrel. Russian Deputy Prime Minister Novak's statement at the OPEC+'s November 4 meeting that he thinks oil production will keep around 400 thousand barrels was a very positive development in terms of crude oil prices. However, it can be said that the stock-based data on commodities increased the acceleration of the withdrawal. In this context, we saw that official crude oil stocks in the USA increased by 4.2 thousand, well above the expectations. Following this development, the selling movement in oil prices gained some momentum.

If we look at the general picture of the indices on the US side, the positive course of the announced balance sheets leads to an increase in the risk appetite in the markets. Thus, it can be said that the optimism maintained in the markets limited the decline scenario on the side of crude oil prices. However, the fact that the flatness maintained on the supply side is not sufficient to meet the demand side makes the continuation of the rise in commodities inevitable.


Following these developments, in the continuation of the outlook above the 83.40 level in the commodity, which has been on the rise for a while, the buying potential may reach 88.46 with the 85.85 resistance. However, in the short-term retracement potential, the 80.60 threshold must be crossed first. Below this level, the 78.30 and 75.80 support levels are important transition zones that remain current.

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