BRNUSD

Oil futures started the new week with a decline. The inflation data from China falling below expectations has increased the uncertainty caused by recent Trump policies, putting pressure on the markets. The decision by OPEC+ to gradually increase production from April has negatively impacted prices since earlier days. The status of European and US stock markets may be closely monitored throughout the day.

As long as prices remain below the 70.50 resistance level, a downward trend may be prominent; potential declines may target the 69.50 and 69.00 levels. If recoveries occur but the 70.50 resistance is not surpassed, a new potential decline may emerge. Therefore, movements and hourly closes above 70.50 should be watched for the continuation of upward momentum. In this case, the 71.00 and 71.50 levels may come into play. The key level for the day is 70.50.