Brent is feeling the pressure of the 13-year trend and fell more than %6 since our August Monthly Report. As long as Brent stays below the 77-80 zone, upward moves may remain limited, and selling pressures continue. Delta wave concerns elevating as China imposes more restrictions. Today’s Chinese retail sales and industrial production numbers show the slowing of the second-biggest economy. US delta numbers, the rising dollar index, and increasing production are the other main reasons for bearish pressures.
The bullish trend that started in the last year is weakening fast, and a short-term downtrend channel is forming between 75.30-65.90. If the price fell below 65.90 next key supports are at 61.76 and 56.79.