BRNUSD

Oil prices are on an upward trend due to geopolitical tensions in the Middle East, while Israel's attacks on Lebanon are causing concern in the markets. The data on stock increases announced by the U.S. Energy Information Administration had a limited impact on oil yesterday. In global markets, uncertainty over the U.S. elections and ambiguities about the Chinese economy continue to dampen risk appetite. In light of these developments, it is anticipated that oil prices may also be shaped by the course of the European and U.S. stock markets.

Technically, the BRNUSD pair is trading around the 75 levels, with 75 and 74.50 levels being monitored as support. In upward movements, 76.50, 77, and 77.50 levels stand out as resistance. If the prices hold at these support levels on the chart, it could pave the way for a renewed upward momentum. The RSI indicator is at the 50 level, presenting a neutral outlook, indicating that price movements struggle to form a distinct trend. The pair has gained 0.84% from the previous day, which may indicate a short-term upward potential.