Brent rebounds from $58.40 lows – Société Générale

Brent Crude has staged a rebound from the April/May 2025 lows near $58.40, but bearish momentum remains intact as the daily MACD stays negative, Société Générale's FX analysts note.

Risk of renewed sell-off below support

"Brent has rebounded after testing the April/May 2025 lows at $58.40. The daily MACD remains in negative territory, highlighting prevalence of downward momentum. A multi-month descending trend line near $63.80/64.00 may act as a short-term resistance."

"An extension in downtrend may materialize if Brent fails to defend the support near $58.40. The next projections could be located at $55/$54.60."