ANALYSIS
NQ100 Finds Support from PPIApr 14
UKOIL is likely to rise more
Fed Chair Powell’s statement that Fed may hike rates by 25-basis points in each meeting has led to downward movements in Brent oil due to the fact that manufacturing and, thus, energy demand will decline. However, High Representative of the Union for Foreign Affairs and Security Policy Josep Borrell Fontelles noted that EU Foreign and Defense Minister haven’t decided on an oil embargo on Russia, yet new sanctions are on the way, leading to supply concerns in Brent oil. Technically, as long as it stays above 109.00, it may head for 116.40 and Fibonacci 61.8 percent expansion line indicating 121.40. On the other side, 106.15 and 103.60 supports will be on our radar below 109.00.
