Brent crude oil prices continue to move within a developing bullish correction and a descending channel. At the time of publication of this forecast, the price of Brent crude oil is $62.10 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices are again testing the area between the signal lines, indicating pressure from sellers of “Black Gold” and a potential continuation of the asset’s decline from current levels. At this point, we should expect an attempt to develop a bullish correction and a test of the resistance level near $62.35 per barrel. Subsequently, a downward rebound in prices and a continued decline in the oil price to below $58.75 is expected.
Brent crude oil Forecast for January 6, 2026
An additional signal for a decline in Brent crude oil prices will be a rebound from the resistance line on the relative strength indicator (RSI). A second signal will be a rebound from the upper boundary of the bearish channel. A strong rally and a breakout of $64.25 per barrel would cancel out the downward trend in oil prices. This would indicate a breakout of the resistance area and continued growth in BRENT crude oil prices above $71.65. A breakout of the support area and a close of Brent crude oil prices below $59.05 would confirm a decline in oil prices and quotes.
Brent crude oil Forecast for January 6, 2026 suggests an attempt to test the resistance level near $62.35. Subsequently, oil prices are expected to continue to decline with a target below $58.75. A test of the trend line on the relative strength indicator would support a decline in the asset. A strong rally and a breakout of 64.25 would cancel out the potential for a decline in Brent crude oil prices. This would indicate continued price growth above 71.65.
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