Brent crude oil quotes continue to move within the framework of a decline and descending channel. At the time of publishing the forecast, the price of Brent oil is 72.69 USD per barrel. Moving averages indicate a short-term bearish trend for oil. Prices have rebounded from the area between the signal lines, suggesting pressure from sellers of “Black Gold” and the potential for a continued price decline from the current levels. At this point, we should expect an attempt to develop a bullish correction and a test of the resistance level near 73.85 USD per barrel. After that, a downward rebound and the continuation of the oil price decline to below the 68.75 level.
Brent Forecast for February 28, 2025
An additional signal in favor of a decline in Brent oil quotes will be a test of the resistance line on the Relative Strength Index (RSI). The second signal will be a rebound from the upper boundary of the bearish channel. The decline scenario for oil prices will be canceled by a strong rise in quotes and a break of the 74.85 USD per barrel level. This will indicate a breakout of the resistance area and a continuation of Brent quotes growth to levels above 81.65. Confirmation of the decline in quotes and oil prices will be a break of the support area and a closing of Brent prices below the 70.05 level.
Brent Forecast for February 28, 2025 suggests an attempt to test the resistance level near 73.85. After that, the continuation of the oil price decline with a target below the 68.75 level. A test of the trendline on the Relative Strength Index indicator will support the decline of the asset. The decline scenario for Brent oil prices will be canceled by a strong rise and a break of the 74.85 level. This will indicate a continuation of the price rise with a potential target above the 81.65 level.
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