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Brent crude oil prices experienced a rise in recent intraday trading, reaching the target of $60.70. This rebound provided positive momentum, though the short-term bearish trend remains dominant. The market continues to face downward pressure, with prices trading below the 50-day exponential moving average (EMA50) and alongside the bias line.
The price movement also suggests an attempt to ease its oversold conditions, as indicated by the relative strength index (RSI). The emergence of positive signals may offer hope for a partial recovery of previous losses.
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