Brent crude oil prices continue to move within a developing correction and descending channel. At the time of this forecast’s publication, the price of Brent crude oil is $87.72 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 at growth and a test of the resistance level near $90.05 per barrel. Subsequently, a downward rebound and a continued decline below $77.35 are expected.
Brent crude oil Forecast for September 1, 2026
An additional signal favoring a decline in Brent crude oil prices and quotes 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 Triangle pattern. A strong rally and a breakout of $94.65 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 $102.55. A breakout of the support area and a close of Brent prices below $83.05 would confirm a decline in oil prices and quotes, indicating a breakout of the lower boundary of the Triangle pattern and the beginning of a pattern with downward targets.
Brent crude oil Forecast for September 1, 2026 suggests an attempt to test the resistance level near $90.05. Further declines are expected with a target below $77.35. A test of the trend line on the relative strength indicator (RSI) would support a downside move. A strong rally and a breakout of $94.65 would cancel the Brent price decline scenario. This would indicate a continued rise in prices above $102.55.
