Brent crude oil prices are ending the trading week with a decline, hovering near the 103.75 USD per barrel mark. Moving averages point to an ongoing bullish trend. Prices have broken upward through the area between the signal lines, indicating 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 97.45. Subsequently, a rebound and a resumption of the upward trend toward the area above 120.55 USD per barrel can be anticipated.
Brent Weekly Forecast October 19 – 23, 2026
An additional signal favoring an increase in oil prices this week would be a test of the support line on the Relative Strength Index (RSI). A second signal would be a rebound from the lower boundary of the bullish channel. The bullish outlook for Brent crude oil during the week of October 19–23, 2026, would be invalidated if the price falls and breaks below the 88.05 level. This would signal a breakdown of the support area and a continued decline in oil prices toward levels below 75.05. Confirmation of an upward move should be sought upon a breakout above the resistance area, with quotes closing above the 108.45 level.
Brent Weekly Forecast October 19 – 23, 2026 suggests an attempt to test the support area near the 97.45 level. From there, a rebound is expected, potentially leading to a continued rise in oil prices with a target at 120.55. An additional signal supporting an increase 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 88.05 area; this would indicate a breakdown of the support zone and a further decline in oil prices, with a target below the 75.05 level.
