According to the XBR/USD chart, the price of Brent crude oil fell by more than 2% in a single day. This decline followed an announcement by US President Trump that he had spoken with Russian President Putin, discussing various global issues, including the war in Ukraine.

As reported by Reuters, this has raised expectations that a potential peace agreement between Ukraine and Russia could involve lifting sanctions, which have disrupted global oil supply flows.

Technical Analysis of XBR/USD

On 7 February, we highlighted key support at $74. Since then, the price has risen (as indicated by the arrow) to $77, which has confirmed its role as resistance.

Brent crude price movements outline a descending channel (marked in blue), with:
→ Bullish perspective: The $74 level may still act as support.
→ Bearish perspective: The $75.50–$75.80 zone, where sellers have shown dominance, could challenge bulls attempting to push prices into the upper half of the channel.

Rising US oil inventories, the prospect of increased production under President Trump, and expectations of sanctions on Russia being lifted could all contribute to Brent crude revisiting its 2025 lows.

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