Prices for benchmark Brent Crude Oil are correcting in a sideways trend just above 72.00. The instrument came under pressure after the American dollar renewed its year’s high amid a 25 basis point cut in the US Fed interest rate and positive forecasts for economic growth at the end of the year.

A fall is possible.

On the weekly chart, a downward correction develops as the second wave of the higher level (2), within which the wave C of (2) forms. On the daily chart, the third wave iii of C of (2) is forming, within which the fifth wave of the lower level (v) of iii is developing. If the assumption is correct, the price of the asset will fall to the area of 62.50–55.00. In this scenario, critical stop loss level is 81.30.

In December, Brent Crude Oil prices are falling under pressure from investor concerns about global energy demand, trading at 72.02.