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Brent crude oil prices encountered significant negative pressure yesterday, testing the $71.16 level. Despite this, the price has since recovered, suggesting a potential for gains on an intraday basis, with an initial target of $73.57 as a correctional objective.
For today, a bullish outlook is favored, provided the price remains above the $71.16 level. Should the price fall below this support, it would negate the bullish scenario and likely lead to further losses in both the short and medium term.
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The expected trading range for today is between $71.00 support and $74.00 resistance.
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Trend Forecast: Bullish
