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Brent oil prices are currently testing the $72.06 level, with a potential breakdown below this point likely to extend the bearish trend both in the short-term and intraday. A move below this level would target further declines to $71.15 and $70.00 as the next key support zones.
For the bearish outlook to remain intact, the price must hold below $72.80. A break above this level could signal a reversal, pushing the price higher towards $73.90 before any renewed downward pressure is seen.
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The expected trading range for today is between support at $70.60 and resistance at $73.60.
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Trend Forecast: Bearish
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