BRNUSD

Oil prices made a positive start following the announcement from the American Petroleum Institute of a 4 million barrel drop in inventories. Possible sanctions by the US on Russian and Iranian oil are also among the factors supporting this rise. The trend in European and US stock markets, along with the inventory figures to be released by the US Energy Information Administration, could influence pricing. In this context, potential supply constraints and global economic developments will be decisive for oil prices.

Technically, the BRN/USD pair is trading on the 4-hour chart timeframe. Prices are attempting to hold above the 77 and 76.5 support levels, and maintaining these levels is crucial for the continuation of upward movements. In upward movements, the resistance levels of 77.5, 78, and 78.5 can be monitored. The RSI indicator is at the 60 level, presenting a positive outlook. An increase of 0.69% compared to the previous day is observed, indicating that the upward trend continues.