Brent Drops Below $90 as Downtrend Extends: Societe Generale

Societe Generale's Kenneth Broux and colleagues report that Brent crude oil has slipped below the $90 per barrel level. The move comes amid renewed hopes for a US-Iran nuclear deal and President Trump's decision to call off planned military strikes.

From a technical perspective, the analysts highlight a sustained downtrend after the commodity lost its 50-day moving average and broke an ascending trendline. Further downside targets are now in focus.