Oil prices are trading lower during today’s session, hovering around the pivotal level at 56.30.
If the bearish momentum continues, prices are expected to decline toward 55.60, followed by 54.90.
On the other hand, a reversal scenario could push prices higher toward 56.60 and then 57.44.
A firm hold above 56.30 may allow oil to regain bullish momentum and target 57.40.
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