Brent crude oil prices continue to move within the correction and have broken out of the bullish channel. At the time of this forecast’s publication, the price of Brent crude oil is $100.53 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken below the signal lines, indicating downward pressure from sellers of “Black Gold” and a potential further decline in the asset’s price from current levels. At this point, we should expect an attempt at a bullish correction and a test of the resistance level near $103.05 per barrel. Subsequently, a downward rebound and a further decline below $82.05 are expected.
Brent crude oil Forecast for June 3, 2026
An additional signal of a decline in Brent crude oil prices will be a rebound from the resistance line on the relative strength indicator (RSI). A second signal will be a rebound from the lower boundary of the bullish channel. A strong rally and a breakout of $110.55 per barrel would cancel the oil price decline scenario. This would indicate a breakout of the resistance area and a continued rise in BRENT prices above $119.05. A breakout of the support area and a close of Brent prices below $91.55 would confirm a decline in oil prices and quotes, indicating a breakout of the lower boundary of the Double Bottom reversal pattern and the beginning of the pattern’s implementation with targets below.
Brent crude oil Forecast for June 3, 2026 suggests an attempt to test the resistance level near $103.05. Further declines are expected with a target below $82.05. A test of the trendline on the relative strength indicator (RSI) would support a downside move. A strong rally and a breakout of $110.55 would cancel the Brent price decline scenario. This would indicate a continued rise in prices above $119.05.
