Brent Crude Oil ($BRENT) Commodity Forecast: Up 0.5% Today

What is Brent Crude Oil?

Brent Crude Oil is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases worldwide. The market for Brent Crude Oil is influenced by various factors including global supply and demand dynamics, geopolitical events, and economic indicators.

Why is Brent Crude Oil going up?

BRENT commodity is up 0.5% on Feb 4, 2025 15:13

• 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.

BRENT Price Chart

BRENT Technical Analysis

BRENT News

Brent Drops Further After China Announces Retaliatory Tariffs

Brent crude oil futures fell toward $75 per barrel on Tuesday after China announced a package of tariffs on a range of U.S. products in response to President Donald Trump's tariffs, heightening concerns about a potential trade war between the world’s two largest economies. China said it will impose tariffs of 15% on coal and LNG imports from the U.S. and 10% on crude oil, farm equipment, and certain cars, effective February 10. This move came after the passing of a deadline that imposed a 10% U.S. tariff on all Chinese goods. Trump had earlier delayed planned levies on Canada and Mexico by a month after both countries agreed to boost border enforcement to address Trump's concerns over immigration and drug smuggling. Elsewhere, OPEC and its allies upheld their existing oil production plans at a review meeting on Monday, despite Trump’s calls to lower crude prices by expanding output.

Brent Falls After Trump Delays Tariffs

Brent crude oil futures dropped to around $75.4 per barrel on Tuesday, erasing all of Monday’s gains after U.S. President Donald Trump agreed to a 30-day pause on his tariff threats against Mexico and Canada, the nation’s two largest foreign crude suppliers. The decision came after Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum agreed to boost border enforcement in response to Trump's concerns over immigration and drug smuggling. While the pause eases trade tensions in North America, uncertainty remains, as Trump’s 10% tariff on Chinese imports is still set to take effect today, but Trump said he would speak to Beijing soon regarding the duties. On the demand side, concerns persist as top importer China’s factory activity growth slowed in January. Meanwhile, OPEC and its allies upheld their existing oil production plans at a review meeting on Monday, despite Trump’s calls to lower crude prices by expanding output.

Brent Crude Oil Pulls Back Below $76

Brent crude oil futures eased gains and traded below $76 per barrel after OPEC+ reaffirmed its gradual output increase and removed the US Energy Information Administration (EIA) from its list of sources for monitoring production. The decision follows past tensions between OPEC+ and President Trump, who previously pressured the group to boost supply to offset US sanctions on Iran. Since returning to office, Trump has again urged OPEC to release more oil, arguing high prices support Russia’s war in Ukraine. Meanwhile, Trump’s new tariffs on Mexico, Canada, and China rattled markets, adding uncertainty to global trade and energy supply. The tariffs include a 25% levy on most goods from Mexico and Canada, and a 10% tariff on energy imports from Canada and Chinese goods. Canada and Mexico are major suppliers of crude to the US, making up about a quarter of the oil refined into fuels like gasoline and heating oil.

Brent Rises as Trump Imposes Tariffs

Brent crude oil futures rose toward $76 per barrel on Monday after U.S. President Donald Trump's imposed tariffs on Canada, Mexico, and China, raising concerns about potential supply disruptions. The US announced tariffs of 25% on goods from Canada and Mexico, and 10% on those from China, set to take effect on Tuesday. Canadian energy also faces a 10% tariff. In response, both Canada and Mexico said they were preparing similar tariffs on US goods, while China said it will file a lawsuit at the World Trade Organization. However, crude prices may face downward pressure in the near term as the implementation of tariffs and the subsequent retaliation could trigger a broader trade war, weighing on global economic growth and dampening energy demand.

Brent Hits 4-week Low

Brent decreased to a 4-week low of 75.34 USD/Bbl. Over the past 4 weeks, Brent Crude Oil lost 0.8%, and in the last 12 months, it decreased 3.94%.

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Brent Crude Oil Price History

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.

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.