BRNUSD

Oil futures entered the second trading day of the week under pressure. Growing concerns about the U.S. economy triggered fears of declining demand. The 4% decline in the Nasdaq index supports this situation. A similar weakness is also observed for China, which faced negative inflation in February. Throughout the day, movements in European and U.S. stock markets can be closely monitored.

If prices remain below the 69.50 – 70.00 resistance level, a downward outlook will be prominent. In potential declines, the 68.50 and 68.00 levels may be targeted. In anticipated recoveries, maintaining the 69.50 – 70.00 resistance could raise the potential for new declines. Therefore, it is essential to monitor movements and hourly closes above 70.00. In this case, the 70.50 and 71.00 levels may also come into play. Key level: 69.50 – 70.00.