Brent crude is attempting to recover ahead of the scheduled Putin–Trump discussions. A ceasefire agreement combined with the potential return of Russian oil to global markets could have a negative impact on prices. The broader downtrend is still intact, but recent downside momentum appears to have stalled despite multiple OPEC+ production increase decisions in recent meetings.

If the global economy slows due to higher tariffs while OPEC continues to increase output, Brent would typically be expected to fall below $60. However, the fact that prices are holding up may be an early signal of a potential trend change on the weekly timeframe. But for tomorrow, Brent may face negative pressure leading into the talks.

The 68.25–70.70 range is the first major medium-term resistance zone, sitting below the main resistance at the trendline. Unless these levels are reclaimed, the primary direction remains to the downside.

Currently, the 8 EMA has crossed below the 13 SMA (weekly timeframe), which is a sell signal for Brent. The last few signals from this crossover have performed well. A move toward $60 is possible within one to two weeks if the talks produce a ceasefire acceptable to both Russia and Ukraine.