BRNUSD

Oil futures continue to rise due to increasing supply constraints stemming from U.S. sanctions on Iran and Russia's declining production. During the day, movements in European and U.S. stock markets, as well as Fed Chairman Powell's speech in the Senate, should be closely monitored.

If prices remain above the support levels of 75.00 - 75.50, an upward outlook may be prominent. In possible rallies, levels of 76.50 and 77.00 could be targeted. However, to continue the downward trend, movements and hourly closes below 75.00 will need to be watched. In this scenario, levels of 74.50 and 74.00 may come into play. The critical levels for the day are highlighted as the range of 75.00 - 75.50.