Brent Oil Outlook: Bears May Pause Above 200-Day MA
Brent crude fell over 15% in four days amid a US-Iran peace deal narrative, approaching levels seen at the start of the recent move. The 200-day moving average could provide support for a brief consolidation.
Brent crude has dropped sharply, losing more than 15% over the past four sessions. The decline accelerated as reports of a potential US-Iran peace agreement gained traction, easing geopolitical risk premiums.
Prices are now nearing levels last seen at the beginning of the recent downtrend. The 200-day moving average is in focus as a technical support level that could temporarily slow the selling pressure. Traders are watching for a potential breather, but the broader bearish momentum remains intact unless the peace story fades or supply-side news shifts.
Source: FXStreet Forex News