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macroJun 12, 2026, 7:49 AM

Brent Drops Below $90 as Downtrend Extends: Societe Generale

Societe Generale analysts note Brent crude has fallen below $90 per barrel amid US-Iran deal hopes and President Trump's cancelled strikes, with technical indicators confirming a sustained downtrend.

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Societe Generale's Kenneth Broux and colleagues report that Brent crude oil has slipped below the $90 per barrel level. The move comes amid renewed hopes for a US-Iran nuclear deal and President Trump's decision to call off planned military strikes.

From a technical perspective, the analysts highlight a sustained downtrend after the commodity lost its 50-day moving average and broke an ascending trendline. Further downside targets are now in focus.

Source: FXStreet Forex News