Global Economic Growth Concerns Impact Brent Oil Prices

With the Central Banks’ hawkish guidance, global economic growth expectations fall. In other words, rising interest rates across advanced economies drags on the outlook for energy consumption. Thus, brent oil prices are expected to fall more.

Technically, 50-Daily Moving Average (DMA) is crossed the 200DMA. Below 95.60 level (50DMA), Brent remains under selling pressure. The expected trading range for today is between 83.65 support and 87.40 resistance.

Support: 83.65 – 82.90 – 79.30

Resistance: 87.40 – 89.70 – 92.80