BRENT crude oil prices are ending the trading week with gains near $116.53 per barrel. Moving averages indicate a bullish trend. Prices have broken through the signal lines upward, indicating pressure from commodity buyers and potential continued growth from current levels. Currently, we should expect an attempt at a correction and a test of the support area near 102.55. Then, we should consider an upward rebound and continued growth in oil prices above $140.05 per barrel.
Brent Weekly Forecast May 4 – 8, 2026
An additional signal of a decline in oil prices this week will be a test of the support line on the relative strength indicator (RSI). A rebound from the lower boundary of the bullish channel will serve as a second signal. A decline and a break of 85.05 will cancel out the upward trend in BRENT oil prices during the trading week of May 4-8, 2026. This will indicate a break of the support area and a continuation of the decline below 70.55. Confirmation of the rise should be expected with a break of the resistance area and a close above 122.65.
Brent Weekly Forecast May 4 – 8, 2026 suggests an attempt to test the support area near 102.55. From this point, a rebound and a continued rally with a potential target of 140.05 should be expected. An additional signal of a rise in oil prices will be a test of the trend line on the RSI. The upside scenario would be cancelled if the price falls and breaks the 85.05 level. This would indicate a break of the support area and a continued decline in oil prices with a target below the 70.55 level.
