Brent crude oil prices continue to move within the growing trend and bullish channel. At the time of publication of this forecast, the price of Brent crude oil is $90.48 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken above the signal lines, indicating upward pressure from buyers of “Black Gold” and potential continued price growth from current levels. Currently, we expect an attempt at a bearish correction and a test of the support level near $88.05 per barrel. Subsequently, we expect an upward rebound and continued growth in the oil price above $98.55.
Brent crude oil Forecast for 20 August 2026
An additional signal favoring growth in Brent crude oil quotes and prices will be a rebound from the support line on the relative strength indicator (RSI). A second signal will be a rebound from the upper boundary of the descending channel. A decline and a breakout of $85.65 per barrel would cancel the upward trend in oil prices. This would indicate a breakout of the support area and a continued decline in BRENT quotes below $74.65. A breakout of the resistance area and a close above $92.05 would confirm growth in oil quotes and prices.
Brent crude oil Forecast for 20 August 2026 assumes an attempt to test the support level near $88.05. Further growth is expected with a target above $98.55. A test of the trend line on the relative strength indicator would support an upside move. A decline and a breakout of $85.65 would cancel the upward trend in Brent crude oil prices. This will indicate a continuation of the decline in quotes to the area below the level of 74.65.
