Brent crude oil prices continue their movement within the framework of correction development and formation of a “Triangle” model. At the time of this forecast’s publication, Brent crude oil price stands at $65.72 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices are once again testing the area between signal lines, which points to sellers’ pressure on ‘Black Gold’ and potential continuation of asset value decline from current levels. Currently, one should anticipate an attempt at depreciation development and testing support level in the vicinity of the $63.65 per barrel region. Subsequently, a price rebound upwards and continued oil price rise into the territory above the $72.65 mark.
Brent crude oil Forecast for June 3, 2025
Additional signals for the growth of quotes and oil prices will be a rebound from the support line on the Relative Strength Index (RSI) indicator. A second signal will be a rebound from the upper boundary of the descending channel. The cancellation of the rise in oil prices’ variant will be a fall below the $58.45 per barrel level. This will indicate the break of the support area and continued fall of Brent quotes to an area below the $52.05 level. Confirmation of growth in quotes and oil prices would come from breaking through the resistance area and closing Brent prices above the $69.05 level, which indicates a breakout of the upper boundary of the “Triangle” model pattern and the start of implementing the pattern with targets upwards.
Brent crude oil Forecast for June 3, 2025 anticipates a test of the support level near the area of 63.65. Subsequently, continuation of oil growth with a target above the level of 72.65. An active push for asset appreciation will be the testing of the trend line on the Relative Strength Index indicator. The rejection of the Brent oil price rise scenario would be a drop and penetration of the level at 58.45, indicating continuation of the decline in quotes to an area below the level of 52.05.
