BRENT oil quotes are ending the trading week near the area of 62.66 dollars per barrel. Moving averages indicate a bearish trend. Prices broke through the area with signal lines downwards, which indicates pressure from raw material sellers and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop growth and a test of the resistance area near the level of 68.25. Then, we should consider a rebound downwards and a continuation of the fall of oil to the area below the level of 49.85 dollars per barrel.
Brent Weekly Forecast May 5 — 9, 2025
An additional signal in favor of a decrease in oil prices this week will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper border of the bearish channel. The cancellation of the option of a fall in quotes and prices for BRENT oil in the trading week of May 5 — 9, 2025 will be a strong growth and a breakout of the 74.75 level. This will indicate a breakout of the resistance area and continued growth of oil to the area above the 80.55 level. Confirmation of the fall should be expected with a breakout of the support area and closing of quotes below the 60.05 level.
Brent Weekly Forecast May 5 — 9, 2025 suggests an attempt to test the resistance area near the 68.25 level. From where we should expect a rebound and an attempt to continue the fall of oil with a potential target at the level of 49.85. An additional signal in favor of a decrease in oil prices will be a test of the trend line on the relative strength indicator. The cancellation of the fall option will be a strong price growth and a breakout of the 74.75 area. This will indicate a breakout of the resistance area and continued growth in oil prices with a target above the 80.55 level.
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