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Brent crude oil experienced significant losses last Friday, breaking below the $72.06 mark to edge closer to the anticipated target of $70.65. This downward trend reinforces forecasts of continued price declines in the near term. Analysts note that a breach of the $70.65 level could further drive prices toward $69.11, marking the next major support.
Market sentiment remains bearish, with trading confined within a clearly defined downward channel. For this trend to persist, it is crucial that Brent prices remain below the resistance levels of $72.06 and $72.36.
For today’s session, the expected trading range lies between the $69.60 support and the $72.60 resistance, reflecting the continued pressure on oil prices.
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