Brent Oil Prices Experience Substantial Losses, Testing $73.00 Support

Brent oil prices persist in displaying negative trades, probing the $73.00 barrier. This reinforces expectations for the ongoing bearish trend on both intraday and short-term scales. Analysts anticipate a potential visit to the $71.70 level as the next major target.

The well-defined bearish channel governs the suggested bearish wave, and a breakthrough below the aforementioned level could pave the way for further declines over the longer term. However, it’s essential to closely monitor the $74.30 level, as surpassing this point would alleviate the existing downward pressure, potentially prompting intraday bullish corrections.

Expected Trading Range: $71.50 (Support) – $74.60 (Resistance)

Expected Trend: Bearish