Brent oil quotes continue to move within the framework of the decline and have left the bullish channel. At the time of publication of the forecast, the price of Brent oil is $67.83 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 at a bullish correction and a test of the resistance level near the $69.75 per barrel area. Further, prices will rebound downward and continue to fall below the $60.45 level.
Brent crude oil Forecast for July 1, 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 $74.35 per barrel level will cancel the option of a fall in oil prices. This will indicate a breakout of the resistance area and a continuation of the growth of BRENT quotes to above the 82.55 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 $65.45.
Brent crude oil Forecast for July 1, 2025 assumes an attempt to test the resistance level near the area of $69.75. Further, the decline in oil will continue with a target below the level of $60.45. 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 74.35 level will cancel the scenario of a decline in Brent oil prices. This will indicate a continuation of the rise in quotes to the area above the 82.55 level.
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