Brent Crude Oil benchmark prices continue their corrective movement within the local uptrend, remaining slightly above 63.00. Market dynamics continue to be characterized by increased volatility, influenced by geopolitical factors, which have remained key drivers of market pricing since the beginning of the year.

The price is in a correction, and a fall is possible.

On the daily chart, the downward correctional second wave of the highest level (2) and the wave C of (2) develop. On the four-hour chart, the fifth wave of the lowest level v of C of (2) is forming, within which the wave (iii) of v of C has ended, and the correctional wave (iv) of v of C is developing. If the assumption is correct, the price of the asset will fall to the area of 55.00–50.00. In this scenario, the critical stop loss level is 65.50.

Brent Crude Oil prices remain in a downward trend amid ongoing oversupply in the market: currently, the price is testing the support zone of 60.20–59.37 (Fibonacci retracement 61.6%, Murrey level [2/8]), consolidation below which will become a driver for strengthening the movement towards the targets of 56.25 (Murrey level [0/8]) and 54.68 (Murrey level [–1/8]).