Brent Oil Prices Face Downward Pressure with Ultra-Hawkish Central Banks

Because ultra-hawkish Central Banks’ guidance, global economic growth expectations decrease. Thus, brent oil prices are expected to fall more.

Technically, 50-Daily Moving Average (DMA) is crossed the 200DMA. Below 97.00 level, Brent remains under selling pressure. The expected trading range for today is between 83.20 support and 89.50 resistance.

Support: 84.50 – 83.20 – 79.30

Resistance: 87.40 – 89.50 – 91.00