BRENT crude oil prices are ending the trading week with a decline near $69.21 per barrel. Moving averages indicate a bearish trend. Prices have broken above the signal lines, indicating upward pressure from commodity buyers and potential continued growth from current levels. At this point, we should expect an attempt to develop a bullish correction and a test of the resistance area near $72.20. Then, we should consider a downward rebound and a continued decline in oil prices below $59.65 per barrel.
Brent Weekly Forecast February 2 – 6, 2026
An additional signal favoring a decline in oil prices this week will be a test of the resistance line on the relative strength indicator. A second signal will be a rebound from the upper boundary of the descending channel. A strong rise and a breakout of $79.75 would cancel out the downward trend in BRENT oil prices and quotes during the trading week of February 2-6, 2026. This would indicate a breakout of the resistance area and continued growth above $85.65. Confirmation of the decline should be expected with a breakout of the support area and a close below $63.55, which would indicate a breakout of the lower boundary of the bullish correction channel.
Brent Weekly Forecast February 2 – 6, 2026 suggests an attempt to test the resistance area near 72.20. From there, a rebound and a continued decline are expected, with a potential target at 59.65. An additional signal favoring a decline in oil prices would be a test of the trend line on the relative strength indicator (RSI). A strong price rise and a breakout of 79.75 would invalidate this downward scenario. This would indicate a breakout of the resistance area and a continued rise in oil prices, with a target above 85.65.
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