Brent Crude Surges Over 3% on Sustained Bullish Momentum

Brent crude oil prices have surged over 3% in recent trading, fueled by technical indicators that signal sustained bullish momentum.

The price of Brent crude has risen to $89.77, with intraday volatility standing at 2.31%. The advance is supported by the fact that the price trades above key short-, medium-, and long-term moving averages, signaling a bullish trend across timeframes.

Despite overbought oscillators that may restrain further gains in the near term, bullish signals prevail. Momentum readings are strong, with the MACD and RSI indicating a buy, CCI showing bullishness, and the Awesome Oscillator confirming structure strength.

The immediate resistance is seen near $91.84, while support is marked at $88.93. Analysts note that higher Brent crude prices could further weigh on consumer spending, adding pressure to household budgets.