Brent crude oil prices continue to move within a bearish channel. At the time of publication of this forecast, the price of Brent crude oil is $86.35 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 $88.35 per barrel. Subsequently, a downward rebound and a continued decline in the oil price to below $76.60 are expected.
Brent crude oil Forecast for July 31, 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 $93.55 per barrel will cancel out the downward scenario for oil prices. This will indicate a breakout of the resistance area and continued growth in BRENT crude oil prices above $100.75. A breakout of the support area and a close of Brent crude oil prices below $84.45 will confirm a decline in oil prices and quotes.
Brent crude oil Forecast for July 31, 2026 suggests an attempt to test the resistance level near $88.35. Subsequently, oil prices will continue to decline with a target below $76.60. 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 93.55. This would indicate a continued rise above 100.75.
