Brent Stands at Death's Door With Bearish Cross Formation: Chart

(Bloomberg) -- In a bearish warning for technical analysts, Brent crude futures formed a death cross on Monday, when the 50-day moving average fell below the 200-day line. The crossover is typically seen a loss of short-term momentum and last occurred in the second half of 2014, when prices collapsed due to oversupply amid surging U.S. shale oil production. OPEC and its partners will be hoping their efforts to curb output will be enough to support prices and counteract any fears of growing downside risk.