The Brent crude oil prices are finishing the trading week around $64.31 per barrel. Moving averages indicate a bearish trend. Prices have breached areas defined by signal lines downwards, which points to sellers’ pressure and potential continuation of the decline from current levels. Currently, it’s expected that there will be an attempt at developing a bullish correction and testing the resistance area around $67.65. Then, consider a downward bounce and a further drop in oil prices below the $55.05 per barrel level.
Brent Weekly Forecast May 19 — 23, 2025
Additional indication for the decrease of oil prices this week is 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 of dropping oil prices and Brent crude prices during the trading week from May 19 to 23, 2025, would be a strong rise and breakthrough at the level of 72.55. This will indicate a break through the resistance area and continuation of the oil’s growth into the region above the level of 78.05. Confirmation of a drop should be expected with a breakout in the support area and closing prices below the level of 61.55.
Brent Weekly Forecast May 19 — 23, 2025 anticipates a test of the resistance area close to the level of 67.65. A rebound and continuation of oil price decline are expected with a potential target at the level of 55.05. An additional signal towards lower oil prices is a test of the trend line on the Relative Strength Index (RSI) indicator. Cancellation of the drop scenario would be characterized by strong price growth and breaking through the area of 72.55. This would indicate a break above the resistance area and an increase in the oil price with a target above the level of 78.05.
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