The price of Crude Brent has entered a new downward phase after completing a reversal triangle pattern. It achieved its target price at 60 and went deeper, MubasherTrade highlighted in its 2015 MENA Outlook Report, adding that “Odds favor more decline, and a test of its major support level at $40.00 (the low price of 2009)”.

A consolidation near the aforementioned support level is expected, and may be followed by a rebound provided there is a change in the underlying economic factors driving oil prices, the report added.

Worth noting, oil prices continued their declines on Tuesday, reaching their lowest level in six years after Goldman Sachs cut its price-per-barrel expectations.