BRENT oil prices are ending the trading week near the $69.31 per barrel range. Moving averages indicate a bearish trend. Prices are again testing the area with downward signal lines, which indicates pressure from commodity sellers and a potential continuation of the decline from current levels. At the moment, we should expect an attempt at a bearish correction and a test of the support area near the 75.05 level. Then, we should consider a downward rebound and a continuation of the decline in oil to the area below the level of $59.65 per barrel.
Brent Weekly Forecast August 4 — 8, 2025
An additional signal in favor of a decline in oil prices this week will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the bearish channel. A strong rise and a breakout of the 80.55 level will cancel the scenario of a decline in BRENT oil prices during the trading week of August 4-8, 2025. This will indicate a breakout of the resistance area and a continuation of oil growth to above the 86.05 level. Confirmation of the decline should be expected with a breakout of the support area and the closing of quotes below the 65.25 level, which will indicate a breakout of the lower border of the bullish correction channel.
Brent Weekly Forecast August 4 — 8, 2025 suggests an attempt to test the resistance area near the 75.05 level. From there, a rebound and an attempt to continue the decline in oil prices should be expected, with a potential target at 59.65. An additional signal in favor of a decline in oil prices will be a test of the trend line on the relative strength indicator. A strong price increase and a breakout of the 80.55 area will cancel the decline scenario. This will indicate a breakout of the resistance area and a continuation of oil price growth with a target above the 86.05 level.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
