ANALYSIS
NQ100 Finds Support from PPIApr 14
Covid Effect in China Continues in Brent Petroleum
Brent oil prices continue to retreat due to the significant increase in coronavirus cases in China, the world's largest oil importer. As a matter of fact, the latest data released in the country revealed that more than 45 000 coronavirus cases were detected. In addition, for the first time since May, the loss of life due to Covid-19 was recorded in the country. With the effects of these, we see that the energy demand has decreased, raising the concerns that the Chinese government will bounce back from its decision to relax the measures. Technically, brent oil, which is seen to maintain its downward trend, can be pulled back to 84.00 support if it permanently passes below the 85.55 level. Above, 88.00 resistance can be followed.
