Brent crude oil prices continue to move as part of a correction and the formation of a bearish “Wolfe Wave” pattern. At the time of this forecast’s publication, the price of Brent crude oil is $101.14 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices have broken above the signal lines, indicating upward pressure from buyers of “black gold” and potential continued price growth from current levels. At this point, we expect an attempt at a bullish correction and a test of the resistance level near $103.05 per barrel. Subsequently, a downward rebound is expected, with the price continuing to decline below $93.45.
Brent crude oil Forecast for June 4, 2026
An additional signal for a decline in Brent crude oil prices will be a rebound from the resistance line on the relative strength indicator (RSI). The second signal will be a rebound from the upper boundary of the bearish Wolfe Wave pattern. A strong rally and a breakout of $106.55 per barrel would cancel the downward scenario for oil prices. This would indicate a breakout of the resistance area and continued growth in BRENT prices above $114.55. A breakout of the support area and a close of Brent prices below $98.45 would confirm a decline in oil prices and quotes, indicating a breakout of the lower boundary of the Wolfe Wave pattern and the beginning of the pattern’s implementation with targets below.
Brent crude oil Forecast for June 4, 2026 suggests an attempt to test the resistance level near $103.05. Subsequently, a continued decline in oil prices with a target below $93.45 would be expected. A test of the trendline on the relative strength indicator would support a downside scenario. A strong rally and a breakout of $106.55 would cancel the downward scenario for Brent oil prices. This will indicate a continued rise in quotes above 114.55.
