BRENT crude oil quotes end the trading week near the area of 69.29 dollars per barrel. Moving averages indicate the presence of a bearish trend. Prices broke through the area with downward signal lines, which indicates pressure from sellers of raw materials and the potential continuation of the decline from current levels. Now, we should expect an attempt to develop a bearish correction and a test of the support area near the level of 73.75. Then, we should consider a rebound downward and the continuation of the oil decline to the area below the level of 56.85 dollars per barrel.
Brent Weekly Forecast July 7 — 11, 2025
An additional signal in favor of a fall 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 growth and a breakdown of 81.65 level will be the cancellation of the BRENT oil quotes and prices decline option for the trading week of July 7 — 11, 2025. This will indicate the breakdown of the resistance area and continuation of oil growth to the area above the level of 87.85. Confirmation of the fall should be expected with the breakdown of the support area and closing quotes below the level of 65.65, which will indicate the breakdown of the lower boundary of the bullish channel.
Brent Weekly Forecast July 7 — 11, 2025 suggests an attempt to test the resistance area near the level of 73.75. From where we should expect a rebound and an attempt to continue the decline of oil with a potential target at 56.85. An additional signal in favor of oil price decline will be a test of the trend line on the relative strength indicator. The downside option will be canceled by a strong price growth and a breakdown of the 81.65 area. This will indicate the breakdown of the resistance area and the continuation of oil price growth with the target above the level of 87.85.
