Crude oil prices are currently testing a critical support level of $75.00, where they are encountering significant resistance. This key level is pivotal as it determines whether prices will drop further or stabilize. A sustained breach of this support could signal a decline, potentially pushing prices down to new lows, with targets initially set at $73.85 and possibly reaching a recent low of $72.04.
Market analysts anticipate a bearish trend in the near term, given the current price behavior. However, should the price rise above the $76.86 mark, this could invalidate the negative outlook and shift the market sentiment towards an upward trend.
For today, the anticipated trading range for crude oil is between $73.70 on the support side and $76.60 on the resistance side.
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