Brent crude oil prices are ending the trading week with a decline, hovering near the $101.27 per barrel mark. Moving averages indicate a bullish trend. Prices are re-testing the area near the signal lines, suggesting buying pressure and a potential resumption of growth from current levels. In the immediate term, an attempt to develop a correction and a test of the support area near 94.65 are expected. Subsequently, a rebound and continued growth toward the area above $123.65 per barrel should be considered.
Brent Weekly Forecast October 12 – 16, 2026
A test of the support line on the Relative Strength Index will serve as an additional signal favoring a rise in oil prices this week. A second signal will be a rebound from the lower boundary of the bullish channel. The scenario of rising Brent crude prices for the week of October 12–16, 2026, would be invalidated by a drop and a breakout below the 89.05 level. This would signal a breakout below the support area and a continued decline in oil prices to below the 77.65 level. Confirmation of an upward move should be sought upon a breakout above the resistance area and a close above 107.85, indicating a breakout from the upper boundary of the “Triangle” pattern.
Brent Weekly Forecast October 12 – 16, 2026 anticipates a test of the support area near the 94.65 level. From there, a rebound and a renewed upward move are expected, with a potential target at 123.65. A test of the trend line on the Relative Strength Index (RSI) would serve as an additional signal supporting a rise in oil prices. The bullish scenario would be invalidated if the price falls and breaks below the 89.05 area; this would signal a breakdown of the support zone and a continued decline in oil prices toward a target below 77.65.
