00:00Global oil prices have dropped around 20% in just weeks, and market analysts say another
00:05decline could be possible.
00:07The global benchmark, Brent crude, recently pulled back from its late October highs.
00:12But the bigger question is whether this downward trend has further room to run.
00:17Reuters analysis identifies several warning signs in the market's momentum indicators.
00:22Brent's recent decline has brought attention to the $93 to $95 support zone.
00:27If prices remain below that area on a weekly basis.
00:30The next potential targets are $89 to $90, followed by $85 to $86.
00:36A deeper decline could bring $78 to $80 into focus.
00:40However, a recovery above $100 to $101 could challenge that outlook.
00:45For drivers, cheaper crude could eventually offer some relief.
00:48But pump prices won't necessarily fall immediately.
00:51The next major signal is whether oil can hold its ground.
00:55Disclosure, this video contains stock footage and content created or enhanced using AI-assisted tools.
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