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Crude oil prices closed significantly lower yesterday, breaching the crucial support level of $77.24 and nearing the extended target of $75.50. This decline reinforces a prevailing bearish trend expected to persist in upcoming sessions, with further downside potential if the $75.50 level is breached, potentially pushing towards $74.00.
Analysts anticipate continued bearish sentiment in the near term, barring a reversal triggered by a breach above $77.24. Such a move could alleviate current selling pressure and prompt intraday recovery attempts.
Today’s anticipated trading range is projected between support at $74.30 and resistance at $77.24.
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