BRNUSD

Crude oil futures faced renewed selling pressure during the Asian session after concerns related to supply reflected in pricing. The rise was notably supported by Trump’s cancellation of Chevron’s operating license in Venezuela. However, the overall outlook still shows strong supply and relatively weak demand.

If prices remain above the support levels of 72.50 – 73.00, upward movement may continue. In this case, levels of 73.50 and 74.00 could emerge as new targets. In possible decline scenarios, maintaining support at 72.50 – 73.00 could bring new upward potential into consideration. However, it is crucial to monitor closures below the 72.50 level for continued selling pressure. In this scenario, levels of 72.00 and 71.50 could be taken into account.