Brent oil quotes continue to move within the development of a bullish correction and an ascending channel. At the time of publication of the forecast, the price of Brent oil is 70.14 dollars per barrel. Moving averages indicate the presence of a short-term bullish trend in oil. Prices are testing the area between the signal lines again, which indicates pressure from the sellers of “Black Gold” and the potential continuation of the decline in the value of the asset from the current levels. At the moment, we should expect an attempt to develop a bullish correction and test the resistance level near the area of 70.85 dollars per barrel. Further, a rebound in prices downward and the continuation of the oil rate decline to the area below the level of 61.65.
Brent crude oil Forecast for July 8, 2025
An additional signal in favor of the fall in quotes and prices of Brent oil will be a rebound from the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the lower boundary of the bullish channel. A strong growth and breakdown of the level of 75.65 dollars per barrel will cancel the option of falling oil prices. This will indicate a breakdown of the resistance area and continued growth of BRENT quotes to the area above the level of 84.55. Confirmation of the fall of quotes and oil prices will be the breakdown of the support area and the closing of Brent prices below the level of 65.45.
Brent crude oil Forecast for July 8, 2025 suggests an attempt to test the resistance level near the area of 70.85. Further, the continuation of oil decline with a target below the level of 61.65. In favor of the decline of the asset will be a test of the trend line on the relative strength indicator. Strong growth and breakdown of 75.65 level will cancel the option of Brent oil price decline. This will indicate the continuation of quotes rise to the area above 84.55 level.
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