ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil is Under Pressure
The short-term closure of the Suez Canal on the day we left behind, and the Central Bank of China's (PBoC) lowering interest rates for a credit facility and reiterating its messages of support for the economy gave some support to brent oil. However, the expectations that the Petroleum Exporters Organization (OPEC) might cut production if Iran returns to oil production and the hawkish messages from the FED officials continue to be the main determining factor in brent oil prices. In addition, the fact that the PMI data published by IHS Markit and S&P Global yesterday revealed that the recession risks for developed countries increased, weighing on brent oil. Technically, brent, which failed to break the intermediate downtrend with attempts and deepened its downward movements in the continuation of the rising wedge formation, can continue the decline until the 90.45 support if it can be suppressed behind the 92.60 level. Above, the range of 96.40 – 98.35 can work as a stabilization zone.
