Brent crude oil prices continue to move within a developing bullish correction and descending channel. At the time of this forecast’s publication, the price of Brent crude oil is $66.77 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 to develop an upward trend and test the resistance level near $67.95 per barrel. Subsequently, a downward rebound and a continued decline below $62.35 are expected.
Brent crude oil Forecast for October 9, 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 lower boundary of the bullish channel. A strong rally and a breakout of $69.05 per barrel would cancel the oil price decline scenario. This would indicate a breakout of the resistance area and continued growth in BRENT prices above $75.05. A breakout of the support area and a close of Brent prices below $65.05 would confirm a decline in oil prices and quotes, indicating a breakout of the lower boundary of the bullish correction channel.
Brent crude oil Forecast for October 9, 2025 suggests an attempt to test the resistance level near $67.95. Further declines are expected with a target below $62.35. A test of the trend line on the relative strength indicator (RSI) would support a downside scenario. A strong rally and a breakout of $69.05 would cancel the Brent price decline scenario. This would indicate a continued rise in prices above $75.05.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
