Brent oil prices continue to fall and have left the bullish channel. At the time of publication, the price of Brent oil is $66.15 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 decline in the asset’s value from current levels. At the moment, we can expect an attempt at a bullish correction and a test of the resistance level near $68.85 per barrel. Further, prices will rebound downward and continue to fall below the $59.05 level.
Brent crude oil Forecast for August 8, 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 lower border of the bullish channel. A strong rise and a breakout of the $74.55 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 $64.55.
Brent crude oil Forecast for August 8, 2025 suggests an attempt to test the resistance level near the area of $68.85. Further, oil will continue to fall with a target below the level of 59.05. 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 74.55 will cancel the option of a fall 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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