Brent crude futures saw another big sell-off in June, breaking below the $90 support level and the 200-day moving average. As a result, the trend is now officially bearish, targeting the $60 area. However, several factors call into question a further decline: (1) the ongoing military conflict in the Middle East and the closure of the Strait of Hormuz, and (2) global oil inventories, which remain at multi-year lows.

Long term trend: bearish
Resistance level: 90
Support level: 60

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