ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil Can Hit 2.5-Month High
With the increase in the number of coronavirus cases recently in China, which is the world's largest oil importer, the fear of new restrictions that may come, dragged down the prices of brent oil. However, we see that the fact that the USA, the world's largest economy, has been out of recession and the decrease in weekly oil stocks increase the demand for brent oil. In addition, the news that the Organization of the Petroleum Exporting Countries (OPEC) may cut oil production again, which is reflected in the markets, also has an effect here. Technically speaking, in the commodity, which continues to defend the minor rising channel on the last trading day of the week, if it is permanently exceeded above 97.25 level, an increase to the 98.55 resistance, which will be the highest level of approximately 2.5 months, can be observed. In possible downside movements, 94.00 support can be followed.
