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Brent oil prices continue to hover around the $72.06 mark, struggling to break through this level. The overall bearish trend remains in play, with the key resistance at $72.65. As long as this level holds, the outlook for further declines remains intact. A break below the current support level would pave the way for a decline toward $71.20, followed by $70.65 as the next downside targets.
However, if the price manages to surpass the $72.65 threshold, it could see short-term gains, potentially testing the $73.90 level before any renewed attempts to decline.
The anticipated trading range for the day is between a support level of $70.60 and a resistance level of $73.60.
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