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Brent oil prices experienced significant declines, breaking the $72.85 support level and reaching $72.06 in previous sessions. This indicates a bearish bias for the near term, with further downward movement expected if the price breaks the current level. A continued decline could lead to targets at $71.00 and $70.45.
As such, we maintain a bearish outlook for today. However, if the price surpasses $73.90, it would invalidate the expected decline and could shift the trend towards an upward movement.
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The expected trading range for today is between $71.20 (support) and $74.20 (resistance).
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Trend Forecast: Bearish
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