The Brent crude oil prices continue their movement within the framework of a corrective development and a bear channel. At the time of this forecast publication, the price for Brent crude oil is $65.30 per barrel. Moving averages indicate a short-term bullish trend on crude oil. Prices have pierced the area between the signal lines upwards, which indicates pressure from buyers of “Black Gold” and potential continuation of the asset’s value growth already from current levels. Currently, it should be expected an attempt to develop a decline and testing the support level close to the $64.05 per barrel area. Subsequently, a bounce back up and continuation of the oil price increase into the region above $70.55.
Brent crude oil Forecast for May 20, 2025
Additional signals in favor of an increase in quotations and oil prices for Brent will be a test of the support line on the Relative Strength Index (RSI) indicator. The second signal will be a rebound from the lower border of the bull channel. Cancellation of the option for price increases in oil would be a drop below $62.05 per barrel. This indicates a break through the support area and continued falling of the Brent quotations to an area below the level of 56.55. Confirmation of the rise in quotations and oil prices will be breaking through the resistance zone and closing Brent prices above the level of 68.95.
Brent crude oil Forecast for May 20, 2025, predicts a test of the support level near the area of 64.05. Afterwards, continuation of oil growth with the aim above the level of 70.55. An upward movement of the asset will be supported by testing the trend line on the Relative Strength Index (RSI) indicator. The cancellation of the price increase for Brent crude oil will be a drop and breaking through the level of 62.05. This will indicate a continuation of the decrease in quotes to an area below the level of 56.55.
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