The price of Brent crude oil is currently experiencing a downturn, trading around 82.55 USD per barrel this Monday. The primary concern affecting the market today is the uncertainty surrounding demand levels, exerting significant pressure on the commodity.Recent statements from representatives of the US Federal Reserve have led to expectations that interest rates may remain elevated for an extended period. This prospect of sustained high rates is likely to dampen economic growth, which could, in turn, negatively impact fuel demand from American consumers. The likelihood that the Fed will maintain current lending rates throughout the year is considered relatively high.Additionally, data released on Friday showed a marked decline in US consumer confidence, reinforcing concerns that the economy might be losing its growth momentum. As we approach the summer season, traditionally a peak period for fuel consumption, the latest reports indicate rising stocks of petrol and distillates in the US. However, demand appears lacklustre, contradicting typical seasonal trends.The next OPEC meeting is scheduled for early June. The group is expected to extend its production quotas into the second half of the year, a decision that could further impact oil price movements.Brent technical analysis 
The Brent H4 chart’s initial growth impulse to 84.24 has been completed, and the subsequent correction wave nearing 82.02 is almost finished. We anticipate the formation of a consolidation range above this level. If the price breaks upwards from this range, a growth to the level of 85.00 is expected, potentially extending to 88.00. This bullish scenario is technically supported by the MACD indicator, whose signal line is below zero but pointing upwards from the lows. 
On the H1 chart, after completing the growth structure to 84.24, the market has finalised its correction at 82.02. A consolidation range above this level is expected to form. A breakout upwards from this range could initiate a new growth wave towards 85.00. The Stochastic oscillator corroborates this potential upward movement, with its signal line currently above 20 and aiming towards 80, suggesting a bullish momentum could be building.More By This Author:Japanese Yen Weakens Despite Government Warnings
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