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Crude oil prices have resumed their downward trajectory, approaching the anticipated target of $70.05 per barrel. The market appears poised for further declines on both an intraday and short-term basis, with potential support levels at $69.05 and $67.65.
The prevailing bearish trend is expected to persist in the near term. However, a price breach above $72.04 could counteract the current downward pressure, potentially leading to a price rebound and partial recovery from recent losses.
For today, the projected trading range is between $68.60 as the support level and $71.60 as the resistance level.
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