Brent rebounds from key support near $58 – Société Générale

Brent Crude has recovered from its April–May low around $58.40 and is now pushing toward the 200-day moving average near $65.75, a level that has capped recent rebound attempts, Société Générale’s FX analysts note.

Oil approaches critical 200-DMA

“Brent recently defended the April/May 2025 low at $58.40 and has since staged a gradual recovery. It is now inching toward the 200-DMA near $65.75, an important hurdle. Notably, this moving average has provided resistance to the rebound attempts throughout the recent downtrend.”

“A cross above this could lead to a larger up move. Last week’s trough at $59.80 serves as a short-term support.”