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Brent crude oil prices have continued their downward trajectory, reaching a recent low of $76.95 and surpassing the earlier suggested target of $77.75. Analysts anticipate that this bearish trend will persist, potentially pushing prices further down to around $75.30.
The current price movement suggests that maintaining a position below $78.50 is crucial for the continuation of this downward trend. Should Brent crude breach the $78.50 mark, it could lead to short-term gains, with a possible test of the $79.70 level before any further decline is considered.
For today, the expected trading range for Brent oil is between a support level of $76.30 and a resistance level of $79.40.
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