Oil futures for the Brent grade continue to move within the framework of a correction development and a descending channel. At the time of this forecast publication, the price of Brent crude oil is $64.04 per barrel. Moving averages indicate a short-term bearish trend on oil prices. The prices are once again testing the area between the signal lines, which indicates pressure from “Black Gold” sellers and the potential continuation of asset value depreciation from current levels. At this point, it’s worth expecting an attempt at a bullish correction and testing the resistance level near the region of $67.05 per barrel. Subsequently, a drop in prices and continued oil price depreciation to an area below the $58.25 level is expected.
Brent crude oil Forecast for May 28, 2025
Additional indication of a drop in quotes and oil prices is a breakout from the resistance line on the Relative Strength Index (RSI) indicator. The second signal will be a breakout from the upper boundary of the “Triangle” model. Cancellation of the option for falling oil prices will be a strong rise and a break through the $71.65 per barrel level. This will indicate a breakout from the resistance area and continuation of the Brent quotes growth towards the 77.45 level. Confirmation of the drop in quotes and oil prices is a breakthrough of the support zone and closing Brent prices below the $59.05 level, which will signal a breakout from the lower boundary of the model and beginning of the implementation of the pattern with targets downwards.
Brent crude oil Forecast for May 28, 2025 anticipates a test of the resistance level near the area of 67.05. Then, continuation of oil drop with aim below the level of 58.25. A decline in asset value would be supported by testing the trend line on the relative strength indicator. An end to the Brent oil price drop option will come with a strong rise and breach of the level at 71.65. This will indicate continuation of the rise in quotes towards an area above the level of 77.45. The translation maintains the numeric values, currency pairings (Brent), technical terms like RSI (relative strength indicator) and resistance/levels as requested.
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