BRNUSD

Oil prices attempted to recover during the Asian session following yesterday's decline. The decrease in global inventories and sanctions against Russia are significant factors supporting the upward direction of oil prices. However, speculations that Trump might soften the sanctions on Russia had led to a drop in oil prices. The course of European and US markets today could influence the direction of oil prices.

Upon analyzing the chart, oil prices are trading on a 4-hour timeframe. The current price is moving near the support levels of 80.50 and 80.00. Resistance levels can be observed at 82.00, 82.50, and 83.00. The RSI indicator is at 40, displaying a negative outlook. There has been a 0.21% decline compared to the previous day, indicating that downward pressure might continue in the short term. However, purchases from support levels could push prices back toward the resistance levels.