Brent crude oil prices continue to move within a developing correction and bullish channel. At the time of this forecast’s publication, the price of Brent crude oil is $66.04 per barrel. Moving averages indicate a short-term uptrend in oil prices. Prices are again testing the area between the signal lines, indicating pressure from buyers of “Black Gold” and potential continued price growth from current levels. At this point, we expect an attempt at a bearish correction and a test of support near $65.05 per barrel. Subsequently, we expect an upward rebound and continued growth above $69.45.
Brent crude oil Forecast for February 3, 2026
An additional signal supporting growth in Brent crude oil prices and quotes will be a rebound from the support line on the relative strength indicator (RSI). A second signal will be a rebound from the lower boundary of the bullish channel. The oil price rally would be cancelled if the price falls below $63.55 per barrel. This would indicate a breakout of the support area and a continued decline in BRENT prices below $56.55. A breakout of the resistance area and a close above $68.55 would confirm the rise in oil prices and prices, indicating a breakout of the upper boundary of the downward correction channel.
Brent crude oil Forecast for February 3, 2026 suggests an attempt to test the support level near $65.05. Further growth is expected with a target above $69.45. A test of the trend line on the relative strength indicator (RSI) would support the upside. The Brent price rally would be cancelled if the price falls below $63.55. This would indicate a continued decline in prices below $56.55.
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