BRNUSD

Brent crude oil has started the week with a decline due to weak retail sales in China and the discussions of a supply surplus for the next year. Signals of a slowdown in the Chinese economy are lowering global demand expectations, while concerns about supply surplus are limiting price increases. Ahead of the Fed monetary policy statement tomorrow, investors are acting cautiously, and the trend of risk aversion continues. The trajectory of European and US stock markets could direct oil prices during the day.

Technically, Brent crude oil continues to stay above the support zone at the 73.00 – 73.50 levels. In upward movements, the resistance levels of 74.00 and 74.50 can be monitored, while the RSI indicator shows a neutral stance at the 48 level. The -0.04% drop seen on the chart indicates a slight decline compared to yesterday's close. In case of possible declines, if it falls below the 73.00 support, the levels of 72.50 and 72.00 may come into focus. Hourly closings below these levels could strengthen the downward trend.