Commodities
Brent Crude Price Drops Below Key Moving Averages Amid Increased US Inventories
The price of Brent crude oil (XBR) has dropped below its key short- and medium-term moving averages, trading at $103.45, down 1.47% on the day.
This decline is largely due to an increase in U.S. crude, gasoline, and distillate inventories, which reduces immediate supply tightness and upward price pressure in global oil markets.
Brent crude has risen 53% since February 2026, with geopolitical risk in the Middle East acting as a major structural driver.
The technical analysis suggests that sellers dominate the market, with indicators showing oversold conditions below resistance.