Russian-UK Referendum Tension Weigh on Brent Oil Prices

Rising central bank rate hike bets and Russian-UK referendum tension would be a negative for Brent oil. In other words, rate hikes by G7 countries leads the growth forecasts down. Thus, the black gold meets serious selling pressure in the market.

Technically, 50-Weekly Moving Average (WMA) is based nearly 97.25 level. The sentiment below that level is negative for Brent oil. The expected trading range for today is between 90.15 support and 95.80 resistance.

Support: 90.15 – 88.50 – 87.25

Resistance: 94.65 – 95.80 – 97.65