ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil Prepares to Rebound to Pre-War Levels
The echoes of news and data from China continue in the price of brent oil in international markets. As China's National Statistics Office (NBS) reported; The fact that the industry did not meet the market expectations in July put pressure on Brent pricing. On the other hand, there are news flows on the markets that Chinese authorities have ordered some factories to suspend production to protect their energy stocks as the country faces the worst heat wave in the last sixty years. In addition, it should be added that the official oil company of Saudi Arabia, Aramco, announced that it is ready to increase its oil production to 12 million barrels per day, which is its maximum capacity, on the supply side. Having difficulty in finding demand under this outlook, brent can see its lowest level since February 21 with 90.85, which is indicated by the Fibonacci 61.8% expansion line, if it can break the strong 92.20 support. In possible upward movements, 94.50 and 95.90 resistances will be followed.
