Brent oil prices continue to move within the correction and bullish channel. At the time of publication, the price of Brent oil is $74.08 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken through the area between the signal lines upwards, indicating pressure from buyers of “black gold” and a potential continuation of the asset’s growth from current levels. Now, we can expect an attempt to develop a decline and test the support level near the $72.05 per barrel area. Further, prices will rebound upward and continue to rise to above $83.45.
Brent crude oil Forecast for June 17, 2025
An additional signal in favor of growth in Brent oil quotes and prices will be a rebound from the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the downward channel. A fall and breakout of the $66.55 per barrel level will cancel the option of oil price growth. This will indicate a breakout of the support area and a continuation of the decline in Brent quotes to below the 56.65 level. Confirmation of the growth in oil quotes and prices will be a breakout of the resistance area and the closing of Brent prices above the level of 80.65.
Brent crude oil Forecast for June 17, 2025 assumes an attempt to test the support level near the area of 72.05. Further, the continuation of oil growth with a target above the level of 83.45. A test of the trend line on the relative strength indicator will support the asset’s rise. A fall and breakout of the 66.55 level will cancel the Brent oil price growth scenario. This will indicate a continuation of the decline in quotes to the area below the 56.65 level.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
