BRENT

Oil futures extended gains on the back of the US Energy Information Administration’s 3.7 million barrel draw in inventories and the IranIsrael tensions. As long as prices remain above the 77.50-78.00 support zone, the uptrend may continue and 79.00 and 79.50 levels may be targeted. As long as possible declines remain limited to the 77.50-78.00 support, there may be potential for a new rise. However, for the downtrend to continue, it needs to fall below 77.50 and see 4-hour closes below this level. In this case, 77.00 and 76.50 levels may be on the agenda. Support: 78-77.50 Resistance: 79-79.50