Brent oil quotes continue to move within the correction and bullish channel. At the time of publication of the forecast, the price of Brent oil is $71.40 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the area between the signal lines upwards, indicating pressure from buyers of “black gold” and a potential continuation of the asset’s growth from current levels. At the moment, we should expect an attempt at a bearish correction and a test of the support level near the $70.75 per barrel area. Further, prices will rebound upward and continue to rise above the $74.85 level.
Brent crude oil Forecast for August 1, 2025
An additional signal in favor of growth in Brent oil quotes and prices will be a rebound from the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. A fall and breakout of the $67.65 per barrel level will negate the possibility of oil price growth. This will indicate a breakout of the support area and a continuation of the decline in Brent quotes to below the 62.45 level. Confirmation of the growth in oil quotes and prices will be a breakout of the resistance area and the closing of Brent prices above the level of 74.05, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth to the width of the channel.
Brent crude oil Forecast for August 1, 2025 suggests an attempt to test the support level near the 70.75 area. Further, oil will continue to rise with a target above the 74.85 level. A test of the trend line on the relative strength indicator will support the asset’s rise. A fall and breakout of the 67.65 level will cancel the Brent oil price growth scenario. This will indicate a continuation of the decline in quotes to the area below the 62.45 level.
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