Brent Crude Oil Tests 200DMA for the First Time Since Last Summer
2023.07.25 04:41
- A new three-month high
- Can Brent break the 200-day SMA?
Oil prices are trending higher again on Monday, building on the surge late last week and reaching their highest level in three months.
There have been a number of factors that have contributed to the gains recently, starting with the Saudi extension to its million barrel cut alongside Russia’s export reduction followed by data that could enable a soft landing in countries that are aggressively raising rates.
Brent hits new three-month high
Not only has that taken back above $80 a barrel, much to the relief of the Saudi’s, but it’s adding to those moves again.
It will be interesting to see how Brent responds around roughly $82.50-$83.50 where it is already seeing some resistance today. It may not have traded at these levels in almost three months but it hasn’t significantly breached the 200-day simple moving average since last summer.
Daily
Source – OANDA on Trading View
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