Brent crude oil prices continue to move within a declining trend and a descending channel. At the time of this forecast’s publication, the price of Brent crude oil is $62.02 per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have broken below the signal lines, indicating downward pressure from sellers of “Black Gold” and a potential further decline in the asset’s price from current levels. Currently, we expect an attempt to rally and test the resistance level near $62.55 per barrel. Subsequently, a downward rebound and a continued decline below $57.85 are expected.
Brent crude oil Forecast for October 17, 2025
An additional signal of a decline in Brent crude oil prices will be a rebound from the resistance line on the relative strength indicator (RSI). A second signal will be a rebound from the upper boundary of the bearish channel. A strong rally and a breakout of $65.05 per barrel would cancel the oil price decline scenario. This would indicate a breakout of the resistance area and a continued rise in BRENT prices above $70.45. A breakout of the support area and a close of Brent prices below $60.35 would confirm a decline in oil prices and quotes.
Brent crude oil Forecast for October 17, 2025 suggests an attempt to test the resistance level near $62.55. Further declines are expected with a target below $57.85. A test of the trend line on the relative strength indicator (RSI) would support a downside scenario. A strong rally and a breakout of $65.05 would cancel the Brent price decline scenario. This would indicate a continued rise in prices above $70.45.
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