ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil May Return to Pre-War Levels
Expectations that the Petroleum Exporters Organization (OPEC) might cut production if Iran turns to oil production in Brent oil pricing and the hawkish messages from the FED policymakers continue to be the main determining factors. In addition, the fact that the PMI data showing the conditions of manufacturing activities in China, which is the world's largest oil importer, showed a decline in August by 49.5 points, and the short-term congestion in the Suez Canal also had an impact. Looking at the technical outlook, brent, which continues its downward expansion path by breaking the ascending wedge formation, can continue its decline until the 90.00 support if it can permanently sag below the 91.60 level. On the upside attempts, 95.00 – 96.85 can be defended as resistance.
