BRNUSD

Although oil prices showed a recovery trend due to supply concerns following Russia's airstrikes on Ukraine, efforts by the West to reach a settlement over Ukraine and weak expectations for global demand caused prices to remain in a declining trend. Particularly, weak expectations regarding the Chinese economy negatively impact oil demand. The performance of European and US stock markets is among the factors that could influence intra-day movements in the oil markets.

Charts indicate that the BRN/USD pair is trading below the 71.50 - 72.00 resistance level and is on a downward trend. As long as it remains below these levels, 71.00 and 70.50 levels can be monitored as support. The RSI indicator is at the 40 level, displaying a negative outlook in the market. Compared to the previous day, there is a 0.34% decline, indicating that the weakness in prices persists. In the event of potential recovery movements, hourly closings above the 72.00 level could be important for the continuation of an upward movement.