Brent Breaks Below 200-Day Moving Average – SocGen

Societe Generale strategist Kenneth Broux and colleagues report that Brent crude has dropped below its 200-day moving average of approximately $78.4. This technical breach leaves the commodity roughly 38% below its cyclical highs.

Despite the decline, prices remain about 10% above pre-war levels, indicating the market still factors in a risk premium. The bank notes that this level now serves as a key resistance point, with nearby support likely to be tested.

The analysis highlights ongoing volatility in the oil market, with geopolitical tensions and demand uncertainties continuing to drive price action.