Brent Crude Holds Uptrend Amid Price Correction

Oil prices were relatively flat on a weekly basis, with Brent crude oil futures on the Intercontinental Exchange (ICE) closing at $103.90/barrel, down 0.7% from the previous week.

Brent futures had moderated last week, reaching a weekly low of $101.53 on Thursday but ending the week higher at $103.90.

The overall uptrend remains in place despite the price correction, with notable support levels at $101.50 and $98 that can aid the bulls' recovery.

A resumption in rally based on nearby support could lift Brent crude futures to $115 in the near-term, with resistance above this level at $130.