BRNUSD

The oil market is limiting its losses as stockpiles reported by the American Petroleum Institute show a decrease of 4.7 million barrels. However, concerns over China's economic growth and production increase forecasts outside of OPEC+ are putting pressure on oil prices ahead of the Fed's monetary policy statement. Sanctions against Iran and Russia and efforts by OPEC+ emerge as factors supporting oil. In light of these developments, the Fed's interest rate decisions and global economic indicators may be decisive for the near-term direction of the oil market.

Technically, if the price remains below the 72.75 - 73.30 resistance zone on the BRN/USD chart, a downward trend can be expected. In downward movements, the 72.40 and 72.00 levels should be monitored as support. In the event of a potential recovery, if the 73.30 resistance is surpassed, levels of 73.70 and 74.00 could come into play for the continuation of the rise. The RSI indicator is close to the 50 levels and shows a neutral outlook. A slight decrease of 0.10% is observed compared to the previous day. In this context, it can be said that oil prices may vary in the short term according to the monitored levels.