Brent crude oil prices continue to move within a strong decline and bearish channel. At the time of publication of this forecast, the price of Brent crude oil is $78.46 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 at a bullish correction and a test of the resistance level near $86.55 per barrel. Subsequently, a downward rebound and a continued decline in the oil price to below $67.55 are expected.
Brent crude oil Forecast for July 28, 2026
An additional signal of a decline in Brent crude oil prices will be a rebound from the resistance line on the relative strength index (RSI). A second signal will be a rebound from the lower boundary of the bullish channel, which has been broken downward by sellers. A strong rally and a breakout of $93.05 per barrel will cancel out the downward trend in oil prices. This will indicate a breakout of the resistance area and continued growth in BRENT crude oil prices above $100.55. A breakout of the support area and a close of Brent crude oil prices below $82.55 will confirm a decline in oil prices and quotes.
Brent crude oil Forecast for July 28, 2026 suggests an attempt to test the resistance level near $86.55. Subsequently, oil prices will continue to decline with a target below $67.55. A test of the trend line on the relative strength index will support a decline in the asset. The decline in Brent crude oil prices would be reversed if the price rose sharply and broke above 93.05. This would indicate a continued rise above 100.55.
