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Brent Crude Oil Struggles Near $77 as Downtrend Continues
Brent Crude Oil is currently trading at $76.91, continuing to hover around key support levels as it struggles to break free from its downward trend. The price has repeatedly tested support near $75.50, a level that has been crucial since the start of 2024. This ongoing pressure is exacerbated by the 50-day and 200-day moving averages at $81.43 and $82.08, respectively, which are both acting as formidable resistance barriers.
The broader macroeconomic environment, including concerns over global economic growth and potential interest rate hikes, continues to weigh heavily on oil prices. The market sentiment remains bearish, with Brent struggling to regain momentum after multiple failed attempts to break above the $80.00 mark.
If Brent fails to hold above the $75.50 support level, it could lead to further declines, potentially pushing prices toward $71.50. Conversely, a recovery above $77.50 and then $80.00 could signal the start of a rebound, but significant resistance lies ahead.
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