Brent: Uptrend eyes 102 and 110 – Societe Generale
Societe Generale strategists note Brent has held above key moving averages near $85/84, keeping upward momentum intact as geopolitical tensions and higher energy prices drive a broader bond rout. They highlight a critical resistance at $95 and suggest that a sustained break could open the way toward the July high at $102 and projections around $108/110.
Oil extends bullish technical structure
"Brent has so far maintained above the confluence of the 50-DMA and 200-DMA around $85/84, highlighting the prevalence of upward momentum. It is now challenging a multi-month descending trend line."
"The recent pivot high of $95, which also represents a downside gap, is an interim hurdle."
"Defence of the support near $85/84 may lead to a continuation of the upward move."
"If Brent overcomes $95, a larger uptrend is likely towards the July high of $102 and projections around $108/110."
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EIA expects Brent crude spot prices to remain at $100 per barrel for the rest of the year and raises the average price forecasts for this year and next.
The U.S. Energy Information Administration (EIA) has raised its forecast for average Brent crude oil prices in 2026 and 2027 to $97 and $86, respectively, reflecting pressures from global inventory declines, Middle East supply disruptions, and rising transportation costs. As oil production in the Middle East gradually recovers and global inventories rebound from low levels, the EIA expects the average spot price of Brent crude to fall to $87 per barrel in the second quarter of 2027, and further decline to $77 per barrel by the fourth quarter.
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