Brent Oil Falls, Signals Bearish Continuation Below $73 Support

Brent crude oil prices declined on Wednesday, breaking out of a narrow two-day range. The move puts the commodity on track to close below the critical Fibonacci support at $73.04, which represents the 76.4% retracement of the long-term advance from $58.70 to $119.47.

This is the fourth consecutive attempt to break below this level, and the current weakness suggests a bearish continuation pattern is forming. A confirmed close below $73.04 would open the door for further downside, with the next support levels likely to be tested in the coming sessions.