Daily Analysis: UKOIL ( Oct 17 2022 )

Brent prices remain firm since OPEC+ reduce oil production by 2 million barrels per day from market on November only one week before US midterm election. Thus, US President Biden warned the OPEC+ members. However, they said there is a complete consensus among OPEC+ countries that best approach in dealing with the oil market conditions.

Technically, brent oil is trading around 92.65 level. Below 93.60 (50-daily simple moving average), the momentum is negative for the black metal. The main resistance is at 93.60, then at 95.10. On the downside, 91.90 is seen as support region. If broken, the next will be at 90.85 level.

Support: 91.90 – 90.85 – 88.75

Resistance: 93.60 – 95.10 – 96.70