The news flows, which were reflected in the markets that the Organization of Petroleum Exporting Countries (OPEC) is planning the fastest production cut since the coronavirus pandemic, increased the prices of brent oil a little. However, with the expectation that the FED will continue to increase the aggressive interest rates with the rise of inflationary pressures in the USA, the strong dollar ensures that the weight on brent oil is maintained. In addition, recession risks in global markets also have an impact on pricing. From this point of view, if UKOIL, which is preparing for an ascending minor wedge, can break below the 86.70 level with permanent closures, the pullback may continue until the 85.00 support with the end of the wedge. In the possible upside scenario, psychological 90.00 resistance can be closely monitored.

Support: 86.70 – 85.00 – 83.45
Resistance: 90.00 – 91.75 – 93.00