Chart Update Brent Oil: is the Oil Price Now Heading towards USD 50?

The ten-year chart of Brent Oil shows the peak at the beginning of the Ukraine war – since then it has gradually declined again. The price has roughly halved and is now approaching the upper of the three long-term, well-derivable lines.

The 200-day line, which has been falling again since mid-2024, has been clearly undershot – so far there is nothing positive to report here.

The trend confirmation indicator, which has so far almost exclusively run within the red marked range, also has room to fall.

It is necessary to observe how the oil price behaves at the three support lines – a further slide towards 50 US dollars appears quite possible. The low in 2019 was USD 52.745.

Brent Oil on the way towards USD 50? — *Source: Comdirect*

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