BRNUSD

Although Brent crude oil prices have shown limited recovery influenced by developments in the Middle East, a general downward pressure is still observed. Factors such as the overthrow of the Assad regime in Syria and Saudi Arabia lowering its sales prices for the Asian market support the weak demand outlook. The Asian markets starting the week with a decline and the slowdown of inflation in China increase concerns about global demand. Movements in the US 10-year bond yield rates and the dollar index also continue to be determinants in the course of oil prices.

When examining the Brent crude oil prices on an hourly time frame in the chart, they are trading below the 71.50 - 72.00 resistance zone. The price maintains its downward potential by following the support zones at the 71.00 and 70.50 levels. The RSI indicator is at the 47 level, showing a neutral trend. Despite a 0.79% rise compared to the previous day, for upward movements to continue, it could be important for prices to close above the 72.00 resistance. In this case, the 72.50 and 73.00 levels might come into focus.