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Crude oil prices are persisting in their downward trend, nearing the anticipated target of $70.05. The current outlook suggests that prices may surpass this level, leading to further declines in both the intraday and short-term periods. Subsequent support levels are projected at $69.05 and $67.65.
The bearish trend is expected to continue unless oil prices rise above $72.04, which would counter the current negative pressure and potentially allow for a recovery to offset recent losses.
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The forecasted trading range for today is between $68.60 support and $71.60 resistance.
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Trend Forecast: Bearish
