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Data as of: 2026-10-07 · Settlement: Exchange final daily settlement

Brent Crude (BZ=F) Deep Dive | Bullish Bias | 2026-10-09

We maintain a bullish call on Brent Crude (BZ=F) with an invalidation level at 99.02. The primary drivers are a resilient 20-day uptrend, supportive supply constraints, and a technical breakout above the pivot point. Despite recent intraday volatility, the underlying structure remains constructive. The current price action suggests a continuation of the upward momentum, with key resistance levels being tested. The supply-demand fundamentals, including tight distillate stocks and steady refinery utilization, further support the bullish thesis. Positioning data indicates a lack of extreme crowding, allowing for further upside. Cross-asset ratios, particularly the oil/gold ratio, remain elevated, signaling relative strength in crude. We expect Brent to test higher levels, with a target near 103.77, provided the 99.02 support holds.