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 $69.80 per barrel. Moving averages indicate a short-term bullish 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 asset’s decline from current levels. At the moment, we should expect an attempt at a bullish correction and a test of the resistance level near the $71.45 per barrel area. Further, prices will rebound downward and continue to fall below the $62.05 level.
Brent crude oil Forecast for August 5, 2025
An additional signal in favor of a decline in Brent oil quotes and prices will be a rebound from the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel. A strong rise and a breakout of the $74.65 per barrel level will cancel the option of a decline in oil prices. This will indicate a breakout of the resistance area and a continuation of the growth of BRENT quotes to the area above the 79.65 level. Confirmation of the decline in oil prices and quotations will be a breakout of the support area and the closing of Brent prices below the level of $67.55.
Brent crude oil Forecast for August 5, 2025 suggests an attempt to test the resistance level near the area of $71.45. Further, oil will continue to fall with a target below the level of 62.05. A test of the trend line on the relative strength indicator will support the decline in the asset. A strong rise and a breakout of the level of 74.65 will cancel the scenario of a decline in Brent oil prices. This will indicate a continuation of the growth of quotes to the area above the level of 79.65.
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