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Brent oil prices closed below the $73.00 mark on December 5, 2024, as the market anticipates further declines. The price is expected to initially test the $72.06 level, and a break below this could extend the bearish trend, potentially reaching $71.15, followed by the $70.00 mark as the next downside targets.
Market analysts maintain a bearish outlook for the day, contingent on prices remaining below the $73.90 resistance level.
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The anticipated trading range for Brent oil is expected to be between $71.00 (support) and $74.00 (resistance).
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Trend Forecast: Bearish
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