ANALYSIS
NQ100 Finds Support from PPIApr 14
Brent Oil Prepares to Return to Pre-War Levels
In the days we left behind, the United States' strategic oil reserves fell to their lowest level in 38 years, totaling 450 million barrels, providing some support to Brent oil due to supply-side concerns. However, the projections of the Organization of the Petroleum Exporting Countries (OPEC) to cut production with the possibility of Iran starting oil production again continue to be the main factor in the pressure on brent oil prices. In addition, recession concerns for developed countries also weigh on commodity pricing. Technically speaking, confirming the intermediate bearish trend in its upside attempts, the commodity has pulled back and broke the ascending wedge formation. From this point of view, if brent, which opens the way for downward expansion, can push behind the 93.80 level, it can deepen its resolutions to the 90.70 support, which will be the lowest level since February 21, after 92.35. In possible upward attempts, 96.60, then 98.20 and psychological 100.00 resistances can be followed.
