Oil Price Rebounds Amid Short-Term Volatility

Brent crude oil has seen an increase in its latest intraday trading following the resilience of the key $85.00 support level, which provided a positive momentum that helped the price rebound and recover all its early losses for today.

This comes amid the dominance of a steeply declining secondary wave in the short term, with continued negative pressure from trading below EMA50, threatening to reverse these gains in the near term.