Brent crude oil prices are currently consolidating sideways above their 50-day moving average, which stands near $97, maintaining upward momentum, according to FX Street. Societe Generale technical analysts note that Brent encountered an interim resistance around $110 in September, which has shaped its recent price action.
The commodity is also testing a short-term descending trend line, with potential upside targets set at $110 and further levels between $114 and $116. On the downside, the recent low of $102 acts as the first support level to watch.
For Japanese investors, monitoring Brent’s price movements is crucial as fluctuations in crude oil directly impact energy-related equities and inflation expectations within Japan’s import-dependent economy.