BRNUSD

Oil prices are fluctuating due to developments in the Middle East and expectations of economic support from China. Announcements about increasing economic incentives in China are having a positive impact on Asian markets, while the performance of European and US stock markets throughout the day could also affect oil prices. Economic decisions from China and movements in US stock markets may play a critical role in determining the direction of the oil market.

Technically, the BRN/USD pair is trading below the resistance levels of 72.00 – 72.50, which are highlighted as significant resistance points. In downward movements, the levels of 71.50 and 71.00 can be monitored as support. The current level of the pair is 71.615, showing an increase of 0.25% compared to the previous day. The RSI indicator is at 48, indicating a neutral trend. It should be noted that the pair needs to make hourly closings above the 72.50 level to gain upward momentum.