Daily Analysis UKOIL 27 Apr 2023

Oil prices slightly rebounded on Thursday after sharp losses in the previous sessions, driven by concerns of a potential US recession and an increase in Russian oil exports, which countered the effects of OPEC's production cuts. Brent crude rose by 0.4% to trade at $78.01 per barrel, while US West Texas Intermediate crude added 0.3% to trade at $74.51 per barrel. The drop in oil prices was driven by concerns over weak global economic growth and recession, as well as a bigger-than-expected fall in US crude inventories. The Organization of the Petroleum Exporting Countries' (OPEC) share of India's oil imports dropped to its lowest in at least 22 years, as Russia's Urals oil became cheaper.

From a technical standpoint, price has more room to continue down toward the 73.00 territory followed by the 71 and finally the last point 65.00 from the last 20 March.

Support: 74.00 – 72.65 – 71.00        Resistance: 76.00 – 77.00 – 79.00