Brent Oil to grind higher towards the $90.60 mark – SocGen

FXStreet Insights Team FXStreet

Brent Oil has further extended its uptrend after breaking above July peak ($78.00). Strategists at Société Générale expect to see a gradual advance towards $88.50 and $90.60.

Limited downside

“Brent Oil is in vicinity to 2016 levels of $86.75. This can result in a pause however a large downside is not envisaged; lower limit of a steeper ascending channel at $83.60/83.00 and $81.90 are immediate support levels.”

“Holding above $83.60/83.00, Brent could gradually head higher towards next objectives at projections of $88.50 and $90.60.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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