The IMF cut its forecast yesterday to the lowest since the financial crisis, which stoke fears that global growth is slowing and curbed demand for riskier assets including oil . Besides, the report showed that the US crude oil inventories increased 4 million barrels last week, which put the prices under some pressure as well.
On the other hand, the catalysts remain intact for the market. And as long as the general picture remains positive, Brent will likely remain in the upper end of the current range. But should the risk sentiment continue to deteriorate in the short term, some corrective moves may come into play again. In the near term, the $71 level is the key region for traders.