Brent Crude Oil hits monthly lows amid market uncertainty

Brent Crude Oil (Brn) is currently trading at $78.90, having opened at $79.08 and hitting an intraday high of $79.19. The commodity has reached a monthly low of $78.55, with the 10-day moving average at $81.58 acting as a resistance level.

The market is reacting to a combination of factors, including concerns about global economic growth and recent reports of rising crude inventories. The upcoming Federal Reserve rate decision is also adding to the uncertainty, as potential changes in US monetary policy could impact global demand for oil.

Additionally, the recent presidential elections in Venezuela have led to widespread unrest, raising concerns about potential disruptions in oil production from the region. This adds to the existing supply worries.

Geopolitical tensions and OPEC+ production decisions continue to create volatility in the oil markets, with any changes likely to have immediate effects on prices. Brent Crude's current price action suggests it is under significant pressure, facing strong resistance from the moving averages. Traders should monitor key economic indicators and geopolitical developments that could influence market direction.