Following a flat day Friday, Brent crude oil closed at $75.81 continuing its recent flat trend

With around 7 days of flat trade under its belt, Pointing in a similar direction, Friday's session was more of the same — after ending Thursday at $75.86, ICE Brent crude went up to $77.5 only to drop back to its starting point and close at $75.81 per barrel.

Brent Crude Oil is approaching key support, around $1.06 away from $74.75. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Brent crude made an initial breakout above its 21 day Simple Moving Average at $76.72, a potential indicator of a newly emerging bullish phase.

Despite muted price action in Brent crude, chart analysis indicates it is positioned for a bullish run in the short term.

Meanwhile, mixed performances are seen in other Energy as after ending Friday's session at $2.4, Heating Oil lost 3.6 cents and is trading around $2.37.

After hitting an important low of $72 approximately 18 days ago, Brent crude has bounced back 5.38% since.