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Brent oil prices are on a downward trajectory, testing a critical support level at $73.15. This level is significant for the market, alongside a resistance point at $73.80. Analysts suggest that a decisive movement beyond either of these thresholds will clarify the next direction for oil prices.
If the support level at $73.15 is broken, prices could continue to decline, with an initial target set at $72.00. Conversely, if the resistance at $73.80 is breached, it could signal a resumption of the bullish trend, with the next target projected at $75.24.
For today, the anticipated trading range is between $71.75 for support and $75.00 for resistance.
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