Daily Analysis: UKOIL ( Oct 07 2022 )

After the cut for oil production, the black metal price is on the increase. The members did not take only cutting decision (the 2mn barrels per day quota cut), but also the members agreed to reduce the frequency of their meetings. The next meeting will be on 4 December, and ministers will meet every six months

Today, brent is trading now above 94.75. For a daily chart, the main resistance is at 95.00, but stochastic indicator raises overbought condition. On the downside, 93.90 is seen as support level. If broken, the next will be at 92.70 level.

Support: 93.90 – 92.70 – 90.90

Resistance: 95.00 – 95.80 – 96.90