BRNUSD

The decline in oil futures is based on OPEC+'s decision to gradually increase production from April, following pressures from U.S. President Trump. In the first step of a 2.2 million barrel per day production cut, daily output will be increased by 138,000 barrels. Additionally, the impact of tariffs on global trade is among other factors pulling prices down. Developments regarding Ukraine and Russia have also limited declines due to the fading of the ceasefire agreement.

If prices remain below the resistance level of 71.50 – 72.00, a downward trend may prevail. Possible declines could target the 70.50 and 70.00 levels. On the upside, if the 71.50 – 72.00 resistance holds, new potential for declines may emerge. Therefore, closes above 72.00 should be monitored, as this could bring levels of 72.50 and 73.00 into play.