Brent crude oil prices continue to move higher and form a “Wedge” reversal pattern. At the time of this forecast’s publication, the price of Brent crude oil is $111.20 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices are again testing the area between the signal lines, indicating pressure from sellers of “Black Gold” and a potential continuation of the asset’s decline from current levels. At this point, we should expect an attempt at a bullish correction and a test of the resistance level near $113.55 per barrel. Subsequently, a downward rebound is expected, and the price of oil continues to decline below $101.15.
Brent crude oil Forecast for May 13, 2026
An additional signal in favor of lower Brent crude oil prices and quotes 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 Wedge reversal pattern. A strong rally and a breakout of $114.35 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 $120.55. A breakout of the support area and a close of Brent prices below $107.05 would confirm a decline in oil prices and quotes, indicating a breakout of the lower boundary of the Wedge reversal pattern and the beginning of the pattern’s implementation with targets below.
Brent crude oil Forecast for May 13, 2026 suggests an attempt to test the resistance level near $113.55. Subsequently, a continued decline in oil prices with a target below $101.15 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 $114.35 would cancel the downward scenario for Brent oil prices. This will indicate a continued rise in quotes above 120.55.
