Brent is trading below 72.00 USD following the OPEC+ meeting

Brent is trading within a broad sideways range, with prices currently hovering around 72.00 USD. Market participants did not receive significant signals from the OPEC+ meeting. Find out more in our Brent analysis for today, 10 December 2024.

Brent forecast: key trading points

Fundamental analysis

At Thursday’s meeting, OPEC+ decided to keep oil output at current levels for Q1 2025. The group plans to gradually increase production starting from Q2 and continue this policy until September 2026. This decision aligned with market expectations, resulting in no strong reaction from oil quotes, with prices remaining in the 70.00-76.00 USD sideways range.

The American Petroleum Institute (API) will release US oil stock statistics today, with data from the Energy Information Administration (EIA) due tomorrow. A reduction in oil reserves may support Brent prices, whereas an increase in the figures could push the asset lower.

Brent technical analysis

Brent prices fell moderately on Monday and are now consolidating slightly below the 72.00 USD level. On the daily chart, the asset is trading within a broad sideways range, with the upper boundary at 76.00 USD and the lower at 70.00 USD. A triangle pattern has formed within this range, and a breakout from it will reveal the near-term prospects for oil prices.

The short-term Brent price forecast suggests growth towards the 76.00 USD resistance level if bulls manage to hold above 74.00 USD. Conversely, if bears close the day below the 70.00 USD level, prices could decline further to the 68.00-68.50 USD support area.

Summary

Brent prices are trading within a sideways range around 72.00 USD. A triangle pattern has formed on the price chart, and a breakout from this pattern will determine the near-term prospects for oil prices.