BRNUSD

Oil futures began to show a downward trend following reports that U.S. President Trump and Russian President Putin agreed to initiate negotiations to end the war in Ukraine. As a significant oil producer globally, Russia has become a factor supporting expectations of increased global supply. Additionally, rising inflation data in the U.S. has added pressure to the markets.

If prices remain below the resistance levels of 75.00 – 75.50, a downward movement is expected to be prominent. Possible targets for declines could be the levels of 74.00 and 73.50. However, if prices close above 75.50, a new upward potential may emerge. In this scenario, levels of 76.00 and 76.50 could come into play. The critical levels of the day are shaping up in the range of 75.00 – 75.50.