ANALYSIS
NQ100 Finds Support from PPIApr 14
UKOIL:Brent Oil Probably Continue to Rising
There had been pressure on brent oil prices following reports recently that Saudi Arabia was preparing for more oil supplies with its Western allies. However, at the Petroleum Exporters Organization (OPEC) meeting held yesterday, the decision to increase oil production by approximately 648 thousand barrels per day in July, did not meet the expectations of the markets and caused the price of brent oil to rise. In addition, the European Union (EU) agreement in principle to cut 90 percent of oil imports from Russia to the EU by the end of the year still has an impact on pricing. Technically speaking, the commodity, which maintains its bullish trend on the last trading day of the week, can carry its rise to 120.30 resistance, the highest level it saw on May 31, if it prints above 118.45. In the possible downside scenario that may be experienced in commodity pricing, 114.50 and 112.00 support levels can be observed.
