ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil on the Recovery Path
In addition to the supply concerns raised by the G7 Finance Minister’s announcement that they have agreed to impose a price cap on Russian oil, news that a 100,000 barrel production cut was discussed at today's Petroleum Exporters Organization (OPEC) meeting boosted Brent oil. From this point of view, brent, which turns to the correction path by ending the descending channel movement, can recover up to the level of 98.90, which is indicated by the Fibonacci 61.8% correction line, if it goes above the 97.50 resistance. 94.50 and 92.75 supports can be followed below.
