Brent crude oil prices are ending the trading week on an upward note, near the 111.47 USD/barrel mark. Moving averages indicate a bullish trend. Prices have broken upward through the area between the signal lines, signaling pressure from buyers and the potential for further gains from current levels. In the near term, an attempt at a correction is likely, with a test of the support area near 101.55. This should be followed by an upward rebound, with prices potentially rising toward the area above 132.05 USD/barrel.
Brent Weekly Forecast November 2 – 6, 2026
An additional signal supporting an increase in Brent oil prices this week is a test of the support line on the Relative Strength Index (RSI). A second signal is a rebound from the lower boundary of the bullish channel. The bullish scenario for Brent crude oil during the week of November 2–6, 2026, would be invalidated if the price falls and breaks below the 94.05 level. This would signal a breakdown of the support area and a continued decline in oil prices toward levels below 80.55. Confirmation of an upward move should be sought through a breakout above the resistance area, with quotes closing above the 115.05 level.
Brent Weekly Forecast November 2 – 6, 2026 suggests an attempt to test the support area near the 101.55 level. From there, one might expect a rebound and an attempt to resume the upward trend, with a potential target at 132.05. An additional signal supporting a rise in oil prices would be a test of the trend line on the Relative Strength Index (RSI). The bullish scenario would be invalidated if the price falls and breaks through the 94.05 area; this would indicate a breakdown of the support zone and a continued decline in oil prices, with a target below the 80.55 level.
