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Societe Generale's Kenneth Broux highlights that Brent crude oil has rebounded 4% to trade near $105.2, following a temporary dip to $96 and consistent defense of its 50-day moving average. The price action suggests a resilient uptrend, with key technical supports holding firm despite recent volatility. Analysts emphasize that maintaining the 50-day MA is critical for confirming the bullish bias, while a break below $96 could trigger further declines.
This development is significant for global energy markets and traders monitoring oil price dynamics. A sustained rally above $105 would reinforce bullish momentum, potentially attracting institutional buyers and speculative positions. Conversely, a failure to hold key supports could reignite bearish sentiment, impacting related assets like equity markets and USD pairs.
For MENA investors, the oil price trajectory remains a key macroeconomic factor influencing Gulf economies and energy-linked equities. Traders should watch for follow-through buying above $105.2 and potential resistance at $110, while monitoring geopolitical developments in OPEC+ production policies and U.S. inventory data for directional clues.
