BRENT crude oil prices are ending the trading week with a decline near $82.96 per barrel. Moving averages indicate a bullish trend. Prices are again testing the signal line area, indicating pressure from commodity buyers and potential continued growth from current levels. At this point, we should expect an attempt at a correction and a test of the support area near 75.45. Then, we should consider an upward rebound and continued growth in oil prices above $110.75 per barrel.
Brent Weekly Forecast August 3 – 7, 2026
An additional signal in favor of rising oil prices this week will be a test of the support line on the relative strength indicator. A second signal will be a rebound from the upper boundary of the bearish channel. A decline and a break of 70.05 would cancel out the upward trend in BRENT oil prices and quotes during the trading week of August 3-7, 2026. This would indicate a break of the support area and a continued decline in oil prices below 60.45. Confirmation of the rise should be expected with a break of the resistance area and a close above 96.05, which would indicate a break of the upper boundary of the outgoing correction channel.
Brent Weekly Forecast August 3 – 7, 2026 suggests an attempt to test the support area near 75.45. From there, a rebound and a continued rally with a potential target of 110.75 should be expected. An additional signal favoring oil price growth would be a test of the trend line on the relative strength indicator (RSI). A price decline and a break of 70.05 would invalidate this upward trend. This would indicate a break of the support area and a continued decline with a target below 60.45.
