BRNUSD

Oil futures recorded gains despite an unexpected increase in stocks reported by the American Petroleum Institute. In the face of uncertainties in global trade, the current rally appears to indicate a search for a bottom. However, fundamental dynamics continue to exert pressure. Sanctions on Iran and Venezuela may have contributed to price increases by strengthening expectations that the surplus supply could decrease.

As long as prices remain below the resistance level of 70.00 – 70.50, the downward outlook may prevail. In potential declines, levels of 69.50 and 69.00 could be targeted. For the upward momentum to continue, it is crucial to monitor movements and hourly closes above 70.50; in this case, levels of 71.00 and 71.50 may come into play. The critical level of the day is 70.00 – 70.50.