Brent crude oil quotes continue to decline within the framework of a downward channel. At the time of publication, the price of Brent crude oil stands at 72.87 USD per barrel. Moving averages indicate a short-term bearish trend. Prices have rebounded from the area between the signal lines, signaling pressure from sellers of “Black Gold” and the potential continuation of the asset’s decline from current levels. At the moment, an attempt to develop a bullish correction and test the resistance level near the 73.80 USD per barrel area is expected. Afterward, a rebound downward and a further decline in oil prices below the 69.35 USD level are anticipated.
Brent Forecast for March 4, 2025
An additional signal in favor of the decline in Brent oil prices will be a test of the resistance line on the Relative Strength Index (RSI) indicator. The second signal will be a rebound from the upper boundary of the bearish channel. The bearish scenario will be invalidated if a strong rise occurs, breaking above the 76.45 USD per barrel level. This would indicate a breakout of the resistance area and further growth in Brent quotes above 82.85 USD. A confirmation of the oil price decline will be a breakout of the support area and the closing of Brent prices below the 70.65 USD level.
Brent Forecast for March 4, 2025 suggests an attempt to test the resistance level near 73.80 USD per barrel, followed by a further decline below 69.35 USD. A test of the trend line on the RSI indicator will support the decline scenario. The bearish outlook will be canceled by strong growth and a breakout of the 76.45 USD level, signaling continued upward movement in Brent quotes above 82.85 USD.
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