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When we look at the general perspective of Brent oil market during the month of March, we could observe a negative trend. The opening level was over the 56 USD level and the parity reached under the 52 USD level. The global conditions of the oil market and OPEC’s decision about limiting oil production are affecting the price level of Brent oil market. 

When we evaluate the latest developments, the fate of the production interruption agreement remains unclear. While producers like Iraq and Russia wanted to support investments by increasing oil prices, Saudi Arabia expressed their reluctance to extend the deal, stating that their own abuses were abused by other countries. There are about two months to the end of the deal. Negotiations and disclosures to this extent may remove ambiguity over the agreement. Technically speaking, we need to see persistent movements at 52.00 level in order to see the tendency to recover in oil, which is not seen in a net trend, and 52,60 and 53,20 levels can be targeted on the rise. In the case of continuation of sales pressure on oil, 50,50 and 49,75 support levels can be followed. For the first forecasts of brent oil market about April, there could be a horizontal trend. Because the OPEC agreement’s process is continuing and the developments in bigger oil producers will be the determinant factors about brent oil price.

Resistance levels : 52.75 / 53.45
Support levels: 50.50 / 49.75

 

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