Brent price can break above $79.40 – Société Générale

Brent decline stalled near $74 last week and it has staged an initial bounce after this test, Société Générale's FX analysts note. 

Price of Brent oil can reach even the $82.60 level

"It has crossed above a steep descending channel. First layer of resistance is located at 200-DMA near $77.80/78.35. It is worth noting that Brent has consistently struggled to establish itself above this MA since last year." 

"If Brent overcomes the hurdle at $77.80/78.35, the phase of rebound could extend towards $79.40 and perhaps even towards the descending trend line drawn since 2023 at $82.60."