Prices for benchmark Brent Crude Oil are in a global corrective trend around 96.0 dollars per barrel: the market is trading at elevated volumes, having moved significantly away from the local high of 101.00 the previous day after US President Donald Trump stated that, despite disagreements, bilateral consultations with the Iranian authorities were continuing.

The price is in correction, the probability of decline remains.

On the weekly timeframe, the corrective structure has completed its formation as wave (2) of the higher degree, and the ascending wave (3) is now developing. The first wave of the lower-degree wave 1 of (3) has already emerged on the daily timeframe, while a corrective phase is unfolding as wave 2 of (3), which includes the development of wave a of 2. If this scenario proves correct, the downward trend is expected to continue toward the 82.50–73.00 area, with the critical stop loss level for this scenario at 106.10.

Brent Crude Oil prices are trading within a broad sideways range of 112.50–87.50 (Murrey level [6/8]–[2/8]): at the beginning of the month, prices tested the upper boundary but failed to break above it, and are now testing the 93.75 level (Murrey level [3/8]).