Indeed, everything started positively for brent oil at the beginning of April in the global forex market. There were some important data and developments which affected the oil market positively in the first half of the month. When we look at the technical outlook for the brent oil market, the starting level was at 53.48 USD level on April 1. During the first part of the month of April, the parity showed a positive performance and reached 56.23 USD level on April 11. It was the highest price level of the month.
But, with the beginning of second half of the month, everything was changed. The positive atmosphere left from the oil market because of global developments, especially in the OPEC members’ side. So, the price level decreased under the 52 USD level after the April 20 which was the highest decrease at the last months. Russian Energy Minister Novak's explanations were followed in the oil market nowadays. Stating that they have gradually reduced their production, Novak announced that they would reach the amount of 300,000 barrels they committed until the end of April.
Technically, we see that 53 USD is supporting level for Brent oil. If persistence over 53.30 USD is achieved, the upward movement can be accelerated and a rise towards levels 53.80-54.20 USD can be seen. In the downward direction, if the interval is between 53.00 and 52.40, the prices may decrease to the 52 USD level. The general expectation of brent oil will be horizontal for the first days of April. Because the uncertain conditions about the oil production limitation in OPEC members and non-OPEC members are making the concept of pricing nowadays.
- Date: 26 April 2017 Wed 06:32
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