Brent Crude – Oil testing the 200DMA for the first time since last summer

<p><a href="https://api.addthis.com/oexchange/0.8/forward/facebook/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Foil%2Fbrent-crude-oil-testing-the-200dma-for-the-first-time-since-last-summer%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/facebook.png" border="0" alt="Facebook" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/twitter/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Foil%2Fbrent-crude-oil-testing-the-200dma-for-the-first-time-since-last-summer%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/twitter.png" border="0" alt="Twitter" /></a><a href="https://api.addthis.com/oexchange/0.8/forward/email/offer?url=https%3A%2F%2Fwww.marketpulse.com%2Foil%2Fbrent-crude-oil-testing-the-200dma-for-the-first-time-since-last-summer%2Fcerlam&amp;pubid=ra-525512e4690e068c&amp;title=Marketpulse%20%7C%20Home&amp;ct=1" target="_blank"><img src="https://cache.addthiscdn.com/icons/v3/thumbs/32×32/email.png" border="0" alt="Email" /></a></p><ul>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"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. "}]}" data-slate-node="element"><strong>A new three-month high</strong></li>
<li data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"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. "}]}" data-slate-node="element"><strong>Can Brent break the 200-day SMA?</strong></li>
</ul>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"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. "}]}" data-slate-node="element"><span data-slate-node="text">Oil prices are trending higher again on Monday, building on the surge late last week and reaching their highest level in three months. </span></p>
<p class="_ParagraphElement_yyl4z_19" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"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. "}]}" data-slate-node="element"><span data-slate-node="text">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. </span></p>
<p style="text-align: center" data-slate-block="regular" data-slate-type="paragraph" data-slate-value="{"type":"paragraph","children":[{"text":"Not only has that taken Brent crude 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. "}]}" data-slate-node="element" data-slate-fragment="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"><iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/umVwnuLV2GE" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe></p>
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<p><strong>Brent hits new three month high</strong></p>
<p><span data-slate-node="text">Not only has that taken Brent crude back above $80 a barrel, much to the relief of the Saudi’s, but it’s adding to those moves again. </span></p>
<p><span data-slate-node="text">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.</span></p>
<p><strong>BCOUSD Daily</strong></p>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-24_17-08-54.png" target="_blank" rel="noopener"><img loading="lazy" class="aligncenter wp-image-806577" src="https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-24_17-08-54-1024×511.png" alt="" width="620" height="309" srcset="https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-24_17-08-54-1024×511.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-24_17-08-54-300×150.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-24_17-08-54-768×383.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-24_17-08-54-1536×766.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/07/BCOUSD_2023-07-24_17-08-54.png 1835w" sizes="(max-width: 620px) 100vw, 620px" /></a></p>
<p>Source – OANDA on Trading View</p>