Brent faces hurdle at 200-Day Moving Average – Société Générale

Brent crude’s rebound is losing steam as it struggles to clear its 200-day moving average near $70.50–71.00, keeping downside risks intact with key support at $65, Société Générale's FX analysts note.

Oil struggles to build upward momentum

"Brent has staged a brief rebound after forming an interim low near $65 last month. However, it has consistently struggled to overcome the 200-day moving average, underscoring the lack of consistent upward momentum."

"The moving average near $70.50/71.00 acts as a short-term resistance zone. Failure to cross this hurdle could lead to persistence in the downtrend. A break below $65 may open the way towards the June low at $63.30/63 and $58.40."