ANALYSIS
NQ100 Finds Support from PPIApr 14
Weight on Brent Oil is Maintained
Brent oil prices rallied somewhat after the Organization of Petroleum Exporting Countries (OPEC) announced that they agreed to cut the supply as of November ahead of the European Union's (EU) sanctions on Russian oil next month. However, the Biden government goes on to pressure oil-producing countries to cut prices, which continues to weigh on the commodity. On the other hand, the strong stance of the dollar also has an effect here. Technically, if brent oil, which is seen to continue its channel movement under the descending trend, passes below the 89.00 level permanently, it can be expected to bring 87.85 support to the agenda. In upside attempts, the 91.50 resistance can be followed closely.
