Prices for the benchmark Brent Crude Oil grade are correcting in an upward trend just above the 65.00 mark.

A fall is possible.

On the weekly chart, the downward correctional second wave of the highest level (2) and the wave C of (2) form. On the daily chart, the fifth wave of the lowest level v of C of (2) is developing, within which the wave (iii) of v has ended, and a correction develops as the wave (iv) of v. If the assumption is correct, the price of the asset will fall to the area of 55.00–45.00. In this scenario, the critical stop loss level is 75.83.

Brent Crude Oil quotes are moving within a downward trend, having reached early 2021 lows last week around 58.20. However, they regained some of the lost ground amid the suspension of US retaliatory sanctions and stabilized at 64.75 (Fibonacci correction 61.8%).