Global PMI Data Release Keeps Investors Busy, Brent Oil Prices Expected to Decline Further

Today, the release of the S&P Global PMI numbers by various G-7 nations including Germany, the US, and the UK will keep investors busy. Since ultra-hawkish Central Banks’ guidance, global economic growth expectations come down. Thus, brent oil prices are expected to fall more.

Technically, 50-Weekly Moving Average (WMA) is based nearly 97.18 level. The sentiment below that level is negative for Brent oil. The expected trading range for today is between 87.25 support and 94.65 resistance.

Support: 88.50 – 87.25 – 86.30

Resistance: 93.00 – 94.65 – 95.80