BRNUSD

The oil market continues to remain under pressure at the beginning of the week as it focuses on the OPEC+ meeting. The faster-than-expected expansion in China's manufacturing activity had some effect in limiting oil losses. However, economic data from Asia and the anticipated ISM Manufacturing PMI results in the US might influence the direction of oil prices. Trump's statements regarding BRICS and the interest rate policies of the Bank of Japan are also being closely monitored in the markets. The strengthening dollar index might negatively affect oil prices.

From a technical perspective, prices in the BRNUSD chart are moving below the 72.50 – 73.00 resistance region. This situation may cause the downward pressure to continue. While 71.50 and 71.00 levels can be monitored as support during declines, the 72.50 – 73.00 resistance remains significant in possible recoveries. The RSI indicator is at the 42 level, presenting a negative outlook. There has been a 0.28% decline compared to the previous day. If prices make hourly closings above the 73.00 level, the 73.50 and 74.00 levels may come into play.