BRNUSD

Brent crude oil prices declined after U.S. President Trump announced plans to call for price reductions from OPEC at the World Economic Forum. The report from the U.S. Energy Information Administration about a 1 million barrel decrease in stocks had previously caused a short-term increase in prices. PMI data expected from Europe and the U.S. could affect the trajectory of oil prices. In potential declines, the levels of 77.50 and 77.00 should be closely monitored, as they stand out as significant support zones.

Technically, Brent crude is trying to stay above the 77.50 level on the daily chart. In upward movements, resistance levels of 78.50 and 79.00 are observed. The RSI indicator is at the 55 level and presents a positive outlook, which could indicate the potential for an upward movement in prices. Compared to the previous day, the price has risen by 0.51%. The 78.50 – 79.00 resistance area stands out as the key level of the day, and as long as hourly closings do not occur above this area, a new potential for a decline may emerge.