Brent Crude Oil prices are trading within a long-term downward trend, forming a corresponding channel. Last week, quotes reached May lows near 58.55 but failed to break lower and corrected upward. The price is currently close to 59.37 (Murray level [–1/8]); a firm move below this level would confirm further downside toward 56.25 (Murray level [–2/8]) and 53.12 (Murray level [–2/8], D1). For bulls, the key resistance zone is seen at 64.00–65.62 (the middle Bollinger Band and Murray level [1/8]). A breakout above this area would allow prices to exit the channel through its upper boundary and rise toward 71.87 (Murray level [3/8]) and 75.00 (Murray level [4/8]). However, this scenario currently appears less likely in the near term.