BRENT crude oil prices are ending the trading week with a decline near $94.74 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 86.55. Then, we should consider an upward rebound and continued growth in oil prices above $117.85 per barrel.
Brent Weekly Forecast June 1 – 5, 2026
An additional signal favoring a decline in 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 lower boundary of the bullish channel. A decline and a break of 80.55 would cancel out the upward trend in BRENT oil prices and quotes during the trading week of June 1-5, 2026. This would indicate a break of the support area and a continuation of the decline in oil prices below 72.05. Confirmation of the upside is expected with a break of the resistance area and a close above 102.05.
Brent Weekly Forecast June 1 – 5, 2026 suggests an attempt to test the support area near 86.55. From here, we should expect a rebound and an attempt to continue the oil price rise, with a potential target at 117.85. An additional signal in favor of oil price growth would be a test of the trend line on the relative strength indicator. A price decline and a break of the 80.55 area would cancel out this upward trend. This would indicate a break of the support area and a continued decline in oil prices, with a target below 72.05.
