Brent Oil Price Anticipates Further Decline

by Jennifer

In recent trading sessions, Brent oil experienced mixed movements, initially approaching the $80.00 threshold before retracing bearishly to settle near the $78.00 level. This development reinforces the continuity of the bearish trend in the near future, with an expectation to test the support at 77.44. A breakthrough below this level is likely to initiate additional losses, extending towards the 76.00 regions.

Conversely, it’s essential to highlight that a successful breach above 79.20 could lead to intraday gains, propelling the price towards the pivotal resistance at 81.00 before any potential resumption of the bearish trend.

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For today’s trading, the projected range is between the support at 76.50 and resistance at 79.50.

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Anticipated Trend for Today: Bearish

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