Brent Crude Oil ($BRENT) Commodity Forecast: Up 5.2% Today

What is Brent Crude Oil?

Brent Crude Oil is a key global benchmark for oil prices, representing the cost of oil extracted from the North Sea. It is highly influenced by geopolitical events, supply and demand dynamics, and global economic conditions.

Why is Brent Crude Oil going up?

BRENT commodity is up 5.2% on Jan 10, 2025 14:21

• 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.

BRENT Price Chart

BRENT Technical Analysis

BRENT News

Brent Crude Oil Climbs to 3-Month High

Brent crude oil futures rose over 2% to surpass $78.5 per barrel on Friday, reaching the highest level since October, driven by a drop in US crude stockpiles. Cold weather in the US reduced inventory levels at Cushing, Oklahoma, to their lowest since 2014. The global oil market is tightening due to reduced supply from key exporters like Russia and Iran, as well as a surge in demand for heating fuels. The rise in oil prices is also linked to fears surrounding US policy under President-elect Donald Trump, including potential sanctions on Iran and trade conflicts that could disrupt energy flows. Trump’s plans to authorize new drilling and impose tariffs on Canadian imports, including oil, further heightened market concerns. Oil is now heading for its third consecutive weekly gain.

Brent Crude Oil Rises Toward $77

Brent crude oil futures rose toward $77 on Thursday as traders balanced supply risks against concerns over China's slowing economy. The market has been bolstered by a seventh consecutive weekly decline in US crude stockpiles and cold weather expected to drive higher heating fuel demand. Additionally, Russia’s seaborne crude exports dropped to their lowest level since August 2023, adding to supply concerns. However, gains were limited by signs of weak demand in China, where inflation continues to fall toward zero, and a stronger US dollar, which makes oil less appealing for international buyers.

Brent Pares Early Losses

Brent crude oil futures hovered above $76 per barrel on Thursday, paring earlier losses as investors weighed a sharp rise in US fuel inventories against concerns over tighter supplies. The latest EIA report showed a nearly 1 million barrel drop in US crude stockpiles last week, the seventh consecutive decline, but also significant increases of 6.3 million barrels in gasoline and 6.1 million in distillates. Meanwhile, OPEC output fell in December after two months of growth, as UAE field maintenance offset gains, including a rise in Nigerian production. Russian oil output also dropped below OPEC+ targets, with exports hitting their lowest level since August 2023. In the US, anticipated cold weather is expected to boost heating fuel demand. Conversely, data from China showed near-zero consumer inflation, highlighting weak domestic demand and raising deflation concerns from the key consumer.

Brent Falls for 2nd Session

Brent crude oil futures fell around $75.8 per barrel on Thursday, extending losses from the previous session, as traders continued to digest the latest weekly report from the EIA. The report showed a nearly 1 million barrel decline in US crude oil stockpiles, marking the seventh consecutive decrease. However, it also revealed supply increases of 6.3 million barrels for gasoline and 6.1 million barrels for distillates. Additionally, a stronger US dollar weighed on the dollar-denominated commodity, following news that President-elect Trump may declare a national economic emergency to justify new tariffs. In China, recent data indicated near-zero consumer inflation, reflecting weak domestic demand and raising concerns about potential deflation in the world’s largest crude importer. Meanwhile, offering some support to oil were supply concerns in Russia and anticipated cold weather in the US, which could boost demand for heating fuel.

Brent Crude Oil Moves Down

Brent crude oil futures fell toward $76 per barrel on Wednesday, driven by a stronger dollar that offset supply concerns from Russia and a fall in US oil stocks. The dip in prices followed news reports that President-elect Trump may declare a national economic emergency to justify new tariffs. However, oil prices found support after US government data showed crude stockpiles dropped by 959,000 barrels last week, marking the seventh consecutive decline. Additionally, Russian oil production fell below OPEC+ targets, with exports hitting their lowest level since August 2023. Traders are also preparing for cold weather in the US, which has increased demand for heating fuel and raised the risk of freeze-offs in production areas.

Trending Today

Immutable ($IMX) Crypto Forecast: Down 5.2% Today

Movement ($MOVE) Crypto Forecast: Down 5.3% Today

Sui ($SUI) Crypto Forecast: Down 5.3% Today

Cardano ($ADA) Crypto Forecast: Down 5.5% Today

MANTRA ($OM) Crypto Forecast: Down 5.4% Today

Stellar ($XLM) Crypto Forecast: Down 5.1% Today

JasmyCoin ($JASMY) Crypto Forecast: Down 5.2% Today

Shiba Inu ($SHIB) Crypto Forecast: Down 5.1% Today

Bonk ($BONK) Crypto Forecast: Down 5.2% Today

Ethena ($ENA) Crypto Forecast: Down 5.8% Today

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.

04.08.2024 - BRENT Commodity was down 5.0%

• Heavy selling pressure hit Brent Crude Oil on account of expectations of heightened supply, with plans for increased production by OPEC and lower demand signals in China.
• Reports of reduced US oil consumption, the lowest since 2020, exacerbated concerns about demand, adding to the bearish trend.
• Despite supply disruptions in Libya, worries persisted over heightened supply and weakened demand from major economies such as China.
• Ongoing concerns regarding China's economic slowdown and reduced growth targets influenced market sentiment, raising worries about declining demand in Asia and contributing to the prevailing bearish movement in the Brent Crude Oil market.

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.

04.08.2024 - BRENT Commodity was down 5.1%

• Brent Crude Oil dropped towards $73 per barrel today, marking its lowest level since December 2023.
• Concerns over rising supply contributed to the market movement, with potential agreements in Libya to resume oil production, potentially adding over 500,000 barrels per day.
• OPEC's plan to increase production in the fourth quarter, alongside economic growth worries in China and the US, further impacted oil prices negatively.
• Increased supply expectations, declining factory activity in key markets, and ongoing demand uncertainties collectively led to the bearish trend in the market for Brent Crude Oil today.

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.

04.09.2024 - 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.

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.

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.