Brent oil prices experienced a sharp decline yesterday, falling below the anticipated target of $78.47 to reach as low as $76.68. Following this drop, the price showed signs of recovery with a slight bullish bounce, attempting to recoup some of the losses from previous sessions. However, analysts expect the bearish momentum to continue, with the price potentially breaking through the $76.68 level, paving the way for further decline towards the $75.24 mark.
The bearish outlook remains in effect for both the short-term and intraday trading, unless Brent oil prices manage to break above the $78.47 level. Such a breach would signal a reversal of the current negative pressure and potentially lead to a return to bullish trends.
Today’s expected trading range is projected between $75.80 support and $79.00 resistance.
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