Brent crude oil prices continue to move as they continue to decline and begin to implement the “Wedge” reversal pattern. At the time of this forecast’s publication, the price of Brent crude oil is $108.67 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 $109.65 per barrel. Subsequently, a downward rebound is expected, and the price of oil continues to decline below $99.65.
Brent crude oil Forecast for May 15, 2026
An additional signal supporting 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 descending channel. A strong rise 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 a continued rise in BRENT prices above $120.55. A breakout of the support area and a close of Brent prices below $105.05 would confirm a decline in oil prices and quotes.
Brent crude oil Forecast for May 15, 2026 suggests an attempt to test the resistance level near $109.65. Further declines are expected with a target below $99.65. A test of the trend line on the relative strength indicator would support a downside scenario. A strong rise and a breakout of $114.35 would cancel the downward scenario for Brent oil prices. This would indicate a continued rise in prices above $120.55.
