Crude oil futures for the BRENT grade are concluding the trading week close to the area of $63.35 per barrel. Moving averages indicate a bearish trend. Prices broke through the zone of signal lines downwards, which indicates pressure from commodity sellers and potential continuation of the decline from current levels. Currently, it is expected that there will be an attempt for development of a bullish correction and testing of the resistance area near the level of $65.85. Then, consider a bounce down and continue the drop in oil prices to an area below the $52.65 per barrel level.
Brent Weekly Forecast June 2 — 6, 2025
Additional signals for the decline of oil prices this week will be testing the resistance line on the Relative Strength Index (RSI). The second signal will be a bounce off the upper boundary of the descending channel. Cancellation of the option for a drop in oil and Brent prices trading week June 2 — 6, 2025 will be a strong increase and breaking through the level of 72.05. This will indicate a break through the resistance area and continued growth of oil into the region above the level of 78.45. Confirmation of the drop should be expected with a breakthrough of the support zone and closing prices below the level of 58.55.
Brent Weekly Forecast June 2 — 6, 2025 suggests a test of the resistance area close to the level of 65.85. A rebound and attempt at further decline in crude oil prices with a potential target at the level of 52.65 can be expected from this point. An additional signal for a price drop would be testing the trend line on the relative strength indicator. Rejection of the fall scenario will come with a strong price rise and breaking through the area of 72.05, indicating that resistance has been breached and continued oil price growth is likely with a target above the level of 78.45.
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