Daily Analysis: UKOIL ( Oct 10 2022 )

Last week, OPEC+ reduce oil production by 2 million barrels per day from November. Yet, US President Biden gave instruction to the Energy Department to release an additional 10 million barrels from the Strategic Petroleum Reserve (SPR) in November.

Today, brent is trading around 97.35 level. Technically, above 50-daily simple moving 94.00 the momentum is positive for the black metal. The main resistance region is between 98.50-99.00 level, but stochastic indicator is still overbought condition. On the downside, 95.20 is seen as support level. If broken, the next will be at 94.00 level.

Support: 95.20 – 94.00 – 92.35

Resistance: 99.00 – 100.50 – 96.90