Brent oil prices continue to move within the growth trend and have left the downward channel. At the time of publication, the price of Brent oil is $66.17 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. At the moment, we can expect an attempt at a decline and a test of the support level near $64.35 per barrel. Further, prices will rebound upward and continue to rise above the $70.05 level.
Brent crude oil Forecast for June 6, 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 $61.65 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 52.65 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 $69.85.
Brent crude oil Forecast for June 6, 2025 assumes an attempt to test the support level near the area of $64.35. Further, oil will continue to rise with a target above 70.05. A test of the trend line on the relative strength indicator will support the asset’s rise. A fall and breakout of 61.65 will cancel the option of Brent oil price growth. This will indicate a continued decline in quotes to below 52.65.
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