Brent oil prices continue to move within the framework of a downward trend and a descending channel. At the time of publication of the forecast, the price of Brent oil is $66.14 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have broken through the area between the signal lines downwards, indicating pressure from sellers of “black gold” and a potential continuation of the decline in the asset’s value from current levels. At the moment, we can expect an attempt to develop a decline and test the support level near the $63.85 per barrel area. Further, prices will rebound upward and continue to rise above the $72.85 level.
Brent crude oil Forecast for August 20, 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 decline and breakout of the $61.55 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 56.05 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 71.05, which will indicate a breakout of the upper border of the downward channel.
Brent crude oil Forecast for August 20, 2025 assumes an attempt to test the support level near the area of 63.85. Further, oil will continue to grow with a target above the 72.85 level. A test of the trend line on the relative strength indicator will support the asset’s growth. A fall and breakout of the 61.55 level will cancel the option of a rise in Brent oil prices. This will indicate a continuation of the decline in quotes to the area below the 56.05 level.
