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Brent on course to end 4-month losing streak

Brent is about to register consecutive weekly gains for the first time since July, despite the risk-off mode sweeping through global markets and the US dollar’s recovery heading into the weekend.

Brent prices have managed to punch back above its 50-day simple moving average (SMA) though remains some ways away from the $98/bbl region where a key Fibonacci resistance level resides, having already repelled oil bulls at its previous cycle high earlier this month.

Brent on course to end 4-month losing streak

Although Brent is on a path towards registering its first monthly gain since May, oil benchmarks still has to navigate its way past contrasting push-and-pull forces.

While suppressed by the looming threat of a global recession amid the waves of rate hikes by central bankers worldwide, oil prices should see continued support from OPEC+ supply-side interventions.

Should the US dollar enjoy a renewed bout of strength over the coming week, especially if hopes for a “dovish pivot” are dashed once more, that may drag Brent back closer to the psychologically-important $90/bbl mark.



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