BRNUSD

Oil futures are under pressure due to a significant increase in stockpiles reported by the U.S. Energy Information Administration and tensions between the U.S. and China, while showing a calmer trend during the Asian session. Although Saudi Arabia has raised prices for March deliveries in the Asian market, the impact of this is currently observed to be limited. Throughout the day, developments in European and U.S. markets may be closely monitored.

If prices remain below the resistance levels of 75.00 – 75.50, a downward outlook may become prominent. In possible declines, the levels of 74.00 and 73.50 can be targeted. If recoveries occur, a new potential decline may be relevant as long as the resistance at 75.00 – 75.50 is not breached. Therefore, to maintain the upward momentum, it is essential to monitor movements and hourly closes above 75.50. In this scenario, the levels of 76.00 and 76.50 may come into play. Key levels for the day: 75.00 – 75.50.