Brent oil prices ended the trading week near $75.62 per barrel. Moving averages indicate a bearish trend. Prices broke through the signal lines upward, suggesting pressure from commodity buyers and the possibility of continued growth from current levels. Currently, we should anticipate a bearish correction attempt and a test of the support area near the $70.20 level. Then, we should anticipate an upward rebound and continued growth in the price of oil to a level above $88.45 per barrel.
Brent Weekly Forecast June 16 — 20, 2025
An additional signal favoring an increase in oil prices this week will be testing the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. A fall below the 65.05 level will cancel the possibility of an increase in Brent oil prices during the June 16-20, 2025 trading week. This would indicate a breakout of the support area and a continuation of the decline in oil prices below the $58.65 level. Growth will be confirmed with a breakout of the resistance area and closing quotes above 81.05, indicating a breakout of the upper border of the downward channel.
Brent Weekly Forecast June 16 — 20, 2025 suggests an attempt to test the support area near the $70.20 level. From there, we can expect a rebound and an attempt to continue growing oil prices, with a potential target of 88.45. An additional signal favoring an increase in oil prices will be testing the trend line on the relative strength indicator. A fall in price and a breakout of the 65.05 area will cancel the growth scenario. This would indicate a breakout of the support area and a continuation of the decline in oil prices, with a target below the $58.65 level.
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