Brent is trading within a narrow sideways range around the 72.00 USD level as market participants await the outcome of the OPEC+ meeting scheduled for Thursday. Find out more in our Brent analysis for today, 3 December 2024.
Brent forecast: key trading points
- Current trend: trading within a broad sideways range
- Market focus: OPEC+ will hold a regular meeting on Thursday, 5 December
- Brent forecast for 3 December 2024: 76.00 and 70.00
Fundamental analysis
The American Petroleum Institute (API) will release its US oil inventory data today, followed by figures from the Energy Information Administration (EIA) tomorrow. A reduction in oil reserves may support Brent prices, while an increase could push the asset lower.
The key event of the week for the oil market is the OPEC+ meeting scheduled for Thursday. The oil cartel is expected to delay any increase in output again, citing concerns about a glut in the market next year, when supply may exceed demand.
Actual forecasts for global oil supply and demand changes will be announced during the meeting, along with potential actions from OPEC+ to regulate oil prices.
Brent technical analysis
Brent prices fell moderately on Monday and are now consolidating around 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 breakout from this range will dictate further price movement.
The short-term Brent price forecast suggests growth towards the 76.00 USD resistance level if bulls secure a foothold above 72.00 USD. Conversely, if bears close the day below the 72.00 USD level, prices could decline to the 70.00-70.50 USD support area.
Summary
Brent is trading within a sideways range around 72.00 USD. The OPEC+ meeting scheduled for Thursday will dictate the oil market’s next moves.
Source: Roboforex
