ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil May Prefer Declining
With the recession risks in Brent oil pricing continuing to create pressure regarding the demand outlook, it seems that the pressure on brent oil continues to be maintained. On the other hand, tensions have escalated between the United States and Saudi Arabia after the Organization of Petroleum Exporting Countries (OPEC) announced that it would cut down on production in October. While US President Joe Biden is expected to make a statement this week on oil prices, it seems unlikely that brent oil will head for a permanent recovery. From this point of view, if the commodity, which continues to defend the descending channel view on the first trading day of the week, can leave the psychological 90.00 level behind, it can regress to 88.75 support, which will be the lowest of about 2 weeks. In the upside attempts that may occur, 92.75 and then 94.00 resistances may be in question.
