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Brent crude oil prices experienced significant downward movement in recent trading sessions, breaking through the $72.85 support level and reaching $72.06. This drop suggests a bearish outlook in the near term, with expectations of further declines. If the $72.06 level is breached, it could pave the way for the price to test the next key support levels at $71.00 and $70.45.
As a result, a bearish trend is anticipated for today’s trading. However, should the price rise above the $73.90 mark, this could reverse the downward momentum and shift the trend toward an upward movement.
The anticipated trading range for today is between support at $71.20 and resistance at $74.20.
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