Brent Crude Oil ($BRENT) Commodity Forecast: Down 2.0% Today

What is Brent Crude Oil?

Brent Crude Oil is a key global benchmark for oil prices, representing the price of oil produced in the North Sea. The market for Brent Crude Oil is influenced by various factors including supply and demand dynamics, geopolitical tensions, and global economic conditions.

Why is Brent Crude Oil going down?

BRENT commodity is down 2.0% on Mar 31, 2025 0:40

• Brent Crude Oil experienced a bearish movement today, despite settling above $74 in the previous session.
• Concerns over the impact of new US tariffs on the global economy, particularly on the oil market, affected the market.
• Traders considered the potential effects of US auto tariffs on crude demand and the transition to cleaner energy, leading to downward pressure on oil prices.
• Ongoing supply risks from key producers like Iran and Venezuela, as well as fluctuations in US crude inventories, contributed to the bearish sentiment in the market for Brent Crude Oil today.

BRENT Price Chart

BRENT Technical Analysis

BRENT News

Brent Settles Above $74

Brent crude oil futures rose 0.3% to settle slightly above $74 per barrel on Thursday, building on gains from the previous day as traders assessed a tightening of crude supplies amid concerns over the impact of new US tariffs on the global economy. Market participants were focused on the risks associated with escalating trade tensions, particularly after US President Donald Trump unveiled plans to implement 25% tariffs on imported cars and light trucks, with auto parts tariffs set to take effect in May. Other supports came from US sanctions, which have heightened supply risks from key producers like Iran and Venezuela. India’s Reliance Industries, operator of the world’s largest refining complex, confirmed plans to halt Venezuelan oil imports following the US threat of 25% tariffs on its buyers. Additionally, data showing a significant drop in US crude inventories by 3.3 million barrels last week provided further support to the market.

Brent Eases as Traders Weigh US Auto Tariff Impact

Brent crude oil futures eased toward $73 per barrel on Thursday, trimming gains from the previous session as traders weighed the impact of US auto tariffs on the oil market. Higher vehicle prices could dampen crude demand while also slowing the transition to cleaner energy. Still, oil remained supported by US sanctions and tariffs that heightened supply risks from key producers like Iran and Venezuela. India’s Reliance Industries, operator of the world’s largest refining complex, plans to halt Venezuelan oil imports following the US threat of 25% tariffs on its buyers. Meanwhile, signs of strong demand emerged, with government data showing US crude stockpiles fell by 3.34 million barrels last week, the sharpest decline since December, while gasoline inventories also dropped.

Brent Hovers at Over 4-Week High

Brent crude oil futures hovered around $73.80 per barrel on Thursday, near a more than four-week high, supported by signs of strong demand and concerns over tightening global supply. Government data showed US crude stockpiles fell by 3.34 million barrels last week, the largest drop since December, while gasoline inventories also declined. Meanwhile, sanctions and tariffs from the Trump administration heighten the risk of supply disruptions from producers like Iran and Venezuela. India’s Reliance Industries, operator of the world's largest refining complex, plans to halt Venezuelan oil imports following the tariff announcement. Traders are also evaluating Trump’s 25% auto levies, which could impact oil demand and slow the transition to cleaner cars. Elsewhere, US oil and gas activity edged up in Q1, but energy executives remain pessimistic, as per a Dallas Fed survey.

Brent Crude Oil Rises Toward $74

Brent crude oil futures climbed toward $74 per barrel on Wednesday, the highest in nearly four weeks, driven by concerns over tightening global supply. The US threatened 25% tariffs on countries buying Venezuelan crude, disrupting trade flows, particularly to China, Venezuela’s biggest buyer. This follows recent US sanctions targeting Iranian oil sales, though Saudi Arabia may increase production to offset lost Iranian exports. Additionally, US crude inventories fell by 3.34 million barrels last week, more than double the expected draw, signaling strong demand. On the other hand, the US reached deals with Ukraine and Russia to de-escalate attacks on energy infrastructure, and concerns over economic slowdown due to trade tensions persist.

Brent Hits 4-week High

Brent increased to a 4-week high of 73.75 USD/Bbl. Over the past 4 weeks, Brent Crude Oil gained 0.18%, and in the last 12 months, it decreased 13.71%.

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Brent Crude Oil Price History

26.08.2024 - BRENT Commodity was down 5.3%

• The bearish movement in Brent Crude Oil today can be attributed to concerns over demand, particularly from China, despite recent monetary support measures aimed at boosting economic activity in the country.
• The stabilization of US crude inventories and the larger-than-expected drawdown reported by the EIA provided some support to prices, but ongoing worries about global demand weighed on the market sentiment.
• The easing of supply disruptions from Libya following the agreement on appointing a central bank governor also contributed to the bearish trend, as fears about reduced oil output from the region diminished.
• Geopolitical tensions in the Middle East and supply concerns from the US Gulf Coast due to a hurricane threat added some volatility to the market, highlighting the delicate balance between supply, demand, and geopolitical risks impacting Brent Crude Oil prices.

26.08.2024 - BRENT Commodity was down 5.1%

• Brent Crude Oil faced a downward trend, declining towards $71 per barrel due to several reasons:
• Saudi Arabia's reduction of its crude oil price target in anticipation of higher production applied downward pressure on prices.
• An agreement between Libya's conflicting factions to appoint a central bank governor alleviated concerns regarding an oil revenue crisis and potential supply disruptions.
• Lingering demand uncertainties, especially in China despite recent economic stimulus efforts, contributed to the price decline.
• Despite a larger-than-expected decrease in US crude inventories surpassing market forecasts, this supported prices to some extent but was insufficient to counterbalance the overall bearish sentiment.

01.09.2024 - BRENT Commodity was up 2.1%

• Brent Crude Oil experienced a strong bullish movement today, recovering from recent losses.
• The market movement can be attributed to a combination of factors:
• Expectations of supply disruptions due to tensions in the Middle East, particularly with escalating conflicts involving key oil-producing nations like Iran and Saudi Arabia.
• The impact of Hurricane Helene forcing Gulf of Mexico producers to cut output, leading to concerns about potential supply constraints.
• Ongoing concerns about weaker demand from China, as evidenced by continued economic struggles and contracting manufacturing and service sectors.
• Speculation surrounding OPEC's plans to increase output and potential easing of production cuts by major oil-producing countries like Saudi Arabia.

02.09.2024 - BRENT Commodity was up 5.6%

• Brent Crude Oil surged over 3% to above $73.5 per barrel as Iran launched missiles at Israel, heightening fears of a broader regional conflict in the Middle East.
• The market reacted strongly to the escalating tensions in the Middle East, with Israel intensifying airstrikes on Hezbollah and sending ground forces into Lebanon, while also keeping an eye on Libya's plans to restart oil production after resolving internal conflicts.
• Despite the bullish movement, concerns about potential oversupply and weaker demand from China, as well as expectations of OPEC+ increasing output in December, are putting pressure on prices and limiting further gains.
• The market's volatility is a reflection of the delicate balance between geopolitical risks and supply-demand fundamentals, with traders closely monitoring developments in the Middle East and OPEC's upcoming decisions.

08.09.2024 - BRENT Commodity was down 5.2%

• Brent Crude Oil displayed a decline in price today, moving downwards from recent peaks.
• The market shift could be linked to several factors:
• Efforts by President Biden to deter attacks on Iran's oil facilities might have reduced concerns regarding supply, resulting in a modest price retraction.
• OPEC's surplus production capacity and steady global crude supplies provided confidence to the market, contributing to the downward price trend.
• Positive indicators of a robust US economy and anticipations of heightened fuel demand potentially sustained prices at a slightly lower level despite the downturn.
• Ongoing tensions in the Middle East, specifically involving Israel and Iran, persist in presenting supply risks, injecting unpredictability into the oil market.

04.01.2025 - BRENT Commodity was up 0.5%

• The bullish movement in Brent Crude Oil today can be attributed to the temporary relief in trade tensions after a political agreement delayed tariffs on Mexico and Canada, two significant crude suppliers to the U.S.
• The market reacted positively to the announcement of the tariff delay, as it eased concerns about potential disruptions in the energy supply chain and reduced uncertainty surrounding global trade.
• Despite the bullish movement, ongoing trade tensions between two major trading partners, as well as the broader implications of tariffs on energy imports, continue to pose risks to the oil market's stability in the near term.
• Additionally, the decision by a major oil-producing alliance to maintain its current production plans and adjust its monitoring sources added to the market sentiment, supporting the bullish movement in Brent Crude Oil.

15.09.2024 - BRENT Commodity was down 5.0%

• Today's downward shift in Brent Crude Oil prices is linked to concerns about China's economic future, including escalating deflationary pressures and uncertainties surrounding efforts to boost the economy.
• The anticipated surplus in early 2025, driven by weakened global demand and robust supply growth, has led to price declines, reflecting a pessimistic outlook in the market.
• The potential oversupply in the oil market is exacerbated by an increase in US crude inventories exceeding predictions, highlighting weak demand trends.
• Heightened tensions between Israel and Iran, coupled with potential supply disruptions from Hurricane Milton, have also contributed to the negative market sentiments, creating a challenging pricing environment for Brent Crude Oil.

04.09.2024 - BRENT Commodity was up 5.1%

• Brent Crude Oil surged to a four-week high above $75 per barrel, marking a strong bullish movement driven by escalating tensions in the Middle East.
• The market movement was primarily influenced by fears of potential supply disruptions due to the conflict between Iran and Israel, with the latter vowing retaliation against Iran's actions.
• Despite concerns over supply risks, the market was tempered by factors such as OPEC's spare production capacity, stable global crude supplies, and signs of a strong US economy supporting fuel demand.
• The overall bullish sentiment was further supported by the ongoing geopolitical tensions in the Middle East, underscoring the impact of geopolitical events on oil prices.

03.09.2024 - BRENT Commodity was up 5.1%

• Brent crude oil prices surged to a one-month high above $76.5 per barrel due to escalating tensions in the Middle East, particularly after Iran's missile attack on Israel and the subsequent threat of retaliation. This situation raised concerns about potential disruptions to oil supply routes in the region, pushing prices higher.
• Despite the initial surge, prices retreated below $74 as US crude stockpiles increased and gasoline demand fell to a six-month low, indicating a well-supplied market. Additionally, plans to gradually increase production, easing immediate concerns about global oil availability.
• The market's reaction to ongoing geopolitical tensions in the Middle East, coupled with developments in other oil-producing countries like Libya preparing to restart production, will likely continue to influence Brent crude oil prices in the near term.
• Overall, the bullish movement in Brent Crude Oil today was primarily driven by geopolitical risks in the Middle East, highlighting the market's sensitivity to supply disruptions and geopolitical uncertainties.

15.09.2024 - BRENT Commodity was down 5.0%

• Brent Crude Oil recorded a significant 5.02% decline, reaching $73.573 per barrel, influenced by the following factors:
• Concerns surrounding China's economic prospects and weakening demand dynamics impacted prices negatively, aggravated by deepening deflationary trends in China and uncertainties surrounding stimulus measures.
• Anticipated oversupply in early 2025, driven by sluggish global demand and robust supply expansion, exerted further downward pressure on prices.
• Ongoing geopolitical tensions in the Middle East, particularly pertaining to potential reactions from Israel to Iran’s missile strike, also contributed to the bearish trend in Brent Crude Oil valuations.

10.00.2025 - BRENT Commodity was up 5.2%

• Brent Crude Oil surged to a 3-month high above $78 per barrel due to a combination of factors:
• A drop in US crude stockpiles, driven by cold weather and increased demand for heating fuels, tightened the global oil market.
• Concerns over US policy under President-elect Donald Trump, including potential sanctions on Iran and trade conflicts, added to market uncertainties.
• Reduced supply from key exporters like Russia and Iran, as well as OPEC output cuts, further supported the bullish movement.
• Trump's plans to authorize new drilling and impose tariffs on Canadian imports, including oil, heightened supply concerns and market volatility.

31.02.2025 - BRENT Commodity was down 2.0%

• Brent Crude Oil experienced a bearish movement today, despite settling above $74 in the previous session.
• Concerns over the impact of new US tariffs on the global economy, particularly on the oil market, affected the market.
• Traders considered the potential effects of US auto tariffs on crude demand and the transition to cleaner energy, leading to downward pressure on oil prices.
• Ongoing supply risks from key producers like Iran and Venezuela, as well as fluctuations in US crude inventories, contributed to the bearish sentiment in the market for Brent Crude Oil today.