Brent Oil has further extended its uptrend after breaking above July peak ($78.00). Strategists at Société Générale expect to see a gradual advance towards $88.50 and $90.60.

Limited downside

“Brent Oil is in vicinity to 2016 levels of $86.75. This can result in a pause however a large downside is not envisaged; lower limit of a steeper ascending channel at $83.60/83.00 and $81.90 are immediate support levels.”

“Holding above $83.60/83.00, Brent could gradually head higher towards next objectives at projections of $88.50 and $90.60.”