Daily Analysis: UKOIL ( Oct 14 2022 )

Brent price touched the lowest level of the week to 91.10 level after a larger than expected rise in US inflation data. Yet, the momentum turns positive with the speculation of ECB terminal rate updated. Also, OPEC+ decision which is production cut by 2 million barrel per day starting in November keep brent oil prices firm.

Now, brent oil is trading around 94.68 level. Technically, below 93.95 (200-daily simple moving average) the momentum is negative for the black metal. The main resistance is at 95.80, then at 98.65. On the downside, 93.95/70 is seen as support region. If broken, the next will be at 92.20 level.

Support: 93.95 – 92.20 – 91.10

Resistance: 95.80 – 98.65 – 100.60