Brent crude oil prices faced downward pressure, briefly touching the $45 per barrel mark. This level is being closely monitored by traders as a potential support area.

Market Factors Influencing Price

Several factors are contributing to the current volatility in oil prices:

• Global economic outlook and demand forecasts
• Production levels from major oil-producing nations
• Geopolitical events impacting supply chains

Analyst Commentary

Analysts suggest that the $45 level could act as a crucial indicator for future price direction. A break below this level might signal further declines, while a rebound could indicate renewed buying interest.

Traders are advised to remain cautious and monitor market developments closely.