Crude oil Brent quotations continue their movement within the development of a correction and formation of the “Triangle” pattern. At the time of this forecast’s publication, the price for Brent crude is $66.34 per barrel. Moving averages indicate a short-term bearish trend on oil prices. Prices are again testing the area between signal lines, which indicates pressure from ‘Black Gold’ sellers and potential continuation of asset value drop already from current levels. Currently, it’s reasonable to expect an attempt at a decline development and testing of support level in the vicinity of the $62.85 per barrel area. Further, price rebound upwards and continued rise of oil prices into the region above the $75.45 level should be anticipated.
Brent crude oil Forecast for June 4, 2025
Additional signals in favor of an increase in stock prices and the price of Brent crude oil would be a bounce off the support line on the Relative Strength Index (RSI) indicator. The second signal will be a bounce off the upper border of the descending channel. Cancellation of the option for rising oil prices is a drop below $58.65 per barrel, which would indicate a breach of the support area and continued decline in Brent’s price to an area below $52.45. Confirmation that stock prices and oil prices will rise involves breaking through the resistance area and closing Brent prices above $68.65. This indicates a breakthrough the top boundary of the ‘Triangle’ model and the start of pattern realization upwards with targets above.
Brent crude oil Forecast for June 4, 2025 anticipates a test of the support level near the area of 62.85. Then, continuation of the growth of oil with the aim above the level of 75.45. An upward movement in the asset will be supported by testing the trend line on the Relative Strength Index (RSI) indicator. A reversal of the Brent oil price rise option would be a drop and a breakthrough the level of 58.65. This indicates continuation of the depreciation of quotations to an area below the level of 52.45.
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