The news flows, which reflected in the markets on the draft preparations to putting pressure on OPEC in the US Senate accelerated, caused brent to lose some momentum. However, OPEC's decision to cut production by 2 million barrels per day is still the main driver of pricing. On the other hand, the preparations of the European Union (EU) to impose a price ceiling on Russian oil also raise supply concerns. At this point, the 21-period weighted moving average (WMA) is in a critical position in commodity pricing. The buying pressure that will be in effect, as long as the 93.80 level indicated by the 21 WMA is maintained as support, may force the commodity to reach the 99.00 resistance after 97.30.

Support: 93.80 – 92.05 – 90.25
Resistance: 97.30 – 99.00 – 100.95