Brent crude dips to $64.86 as bearish EIA data shows surprise builds in U.S. crude, gasoline, and distillate inventories.
Brent Crude Technicals Weak as Supply Builds Offset Geopolitical Risk
Brent crude futures are trending lower, currently at $64.86 after shedding 0.18% on the day. Prices remain below the 50-day and 200-day SMAs, at $66.00 and $70.52 respectively, indicating persistent bearish momentum. A recent attempt to reclaim the 50-day SMA failed, suggesting overhead resistance is firm.
Fundamentally, bearish EIA data showing surprise builds in crude (+1.3M bbl), gasoline (+800K bbl), and distillates (+600K bbl) weighed on prices, despite earlier gains from rising geopolitical tensions involving Israel and Iran. While supply risks from the Middle East remain, current technicals and inventory trends point to continued downside pressure for Brent.
