Brent crude oil prices continue to move higher and form a head-and-shoulders reversal pattern. At the time of this forecast’s publication, the price of Brent crude oil is $64.27 per barrel. Moving averages indicate a short-term bullish trend for oil. Prices are again testing the area between the signal lines, indicating pressure from buyers of “Black Gold” and potential continued growth from current levels. At this point, we expect an attempt to continue the decline and test the support level near $62.75 per barrel. Subsequently, we expect an upward rebound and continued growth above $69.65.
Brent crude oil Forecast for October 31, 2025
An additional signal favoring growth in Brent crude oil prices and quotes will be a rebound from the support line on the relative strength indicator (RSI). The second signal will be a rebound from the upper boundary of the bearish channel. A decline and a breakout of $59.05 per barrel would cancel the upward trend in oil prices. This would indicate a breakout of the support area and a continued decline in BRENT prices below $54.65. A breakout of the resistance area and a close above $68.05 would confirm the upward trend in oil prices and quotes, signaling a breakout of the upper boundary of the Head and Shoulders reversal pattern and the beginning of the pattern’s implementation with targets above.
Brent crude oil Forecast for October 31, 2025 suggests an attempt to test the support level near $62.75. Further growth is expected with a target above $69.65. A test of the trendline on the relative strength indicator (RSI) would support the upside. A decline and a breakout of $59.05 would cancel the upward trend in Brent oil prices. This would indicate a continued decline in prices below $54.65.
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