Brent Oil to target $96.50/$97.00 on defence of $87/$86.50 – SocGen

Brent Crude Oil scales $92 for the first time since November 2022. Economists at Société Générale analyze Brent’s technical outlook.

Signals of a meaningful down move are still not visible

Brent has extended its uptrend after breakout from a multi-month base. It is in vicinity of earlier highlighted projections near $93. 

An initial pullback can’t be ruled out however signals of a meaningful down move are still not visible; upper limit of the base near $87/$86.50 is crucial support near term. Defence of this zone could eventually lead to persistence in uptrend towards $96.50/$97.00, the 38.2% retracement from 2022.