Brent Crude Slides to 3-Week Low Amid Sustained Selling Pressure

Brent crude futures fell sharply last week, ending a three-week winning streak. The price of Brent crude dropped by 9.1% to $87.90 per barrel, impacting various sectors that rely on raw materials.

The decline in oil prices will affect companies in the paint, tyre, and lubricant industries, which use crude oil derivatives as key raw materials. If prices remain high for extended periods, these companies may face pressure on their operating profit margins unless they can pass the cost increases to consumers.

Market technical analysis suggests that Brent crude is currently hovering above important support levels, including the $84.75 level where the 21-day and 50-day moving averages meet. If prices fall below this threshold, it could signal a broader change in the commodity's price trend.