Brent oil prices continue to move within the growth and bullish channels. At the time of publication, the price is $68.68 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the area between the signal lines, indicating buyer pressure and the potential for continued growth from current levels. Currently, we can expect an attempt at a decline and a test of the support level near $67.65 per barrel. Prices will then rebound and rise above the $72.75 level.
Brent crude oil Forecast for June 12, 2025
An additional signal favoring growth in Brent oil prices will be a rebound from the support line on the relative strength index (RSI). A second signal will be a rebound from the upper border of the downward channel. A fall below the $66.35 per barrel level will cancel the possibility of oil price growth. This indicates a breakout of the support area and a continuation of the decline in Brent prices below the $55.75 level. Growth in oil quotes and prices will be confirmed by a breakout of the resistance area and closing Brent prices above 70.05.
Brent crude oil Forecast for June 12, 2025 assumes an attempt to test the support level near 67.65. Then, there will be a continuation of oil growth with a target above the level of 72.75. Testing the trend line on the relative strength indicator will support the asset’s rise. A fall below the 66.35 level will cancel the Brent oil price growth scenario. This would indicate a continuation of the decline in prices below the 55.75 level.
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