Rising US oil inventories caused a decline in Brent prices. However, quotes could rise to 71.00 USD at this stage. Discover more in our analysis for 6 March 2025.
Brent forecast: key trading points
- Brent prices continue to correct after the fall
- US initial jobless claims: previously at 242 thousand, projected at 234 thousand
- Brent forecast for 6 March 2025: 68.00 and 71.00
Fundamental analysis
Fundamental Brent analysis for today, 6 March 2025, takes into account that oil prices are undergoing a correction.
On 6 March 2025, Brent quotes are slightly recovering following a significant drop. During trading, Brent prices rose by 39 cents to reach 69.69 USD per barrel, while they earlier fell below 69.00 USD for the first time since October 2024.
The decline in Brent quotes is due to concerns about overproduction and slower global economic growth. There are forecasts that Brent crude oil prices could average 74.63 USD per barrel in 2025. At the same time, there are some preconditions for a rise in oil prices in the long term despite the current low indicators.
Additionally, US commercial oil inventories increased by 3.6 million barrels over the last week, reaching 433.8 million barrels.
The decrease in US initial jobless claims to 234 thousand could be a positive factor for the US dollar.
Brent technical analysis
Having tested the lower Bollinger band, Brent prices have formed a Harami reversal pattern on the H4 chart. At this stage, they continue to correct following the pattern signal. Since the quotes are moving within a descending channel, they could rise to the resistance line.
The Brent forecast for 6 March 2025 suggests that an upside target could be at the next resistance level of 71.00 USD. A rebound from this level may open the potential for a more substantial downward movement.
However, an alternative scenario is possible, where Brent prices could plunge to the 68.00 support level.
Summary
Brent price forecast appears optimistic amid economic data. Together with technical analysis, it suggests a corrective wave and growth to 71.00 USD.
Source: Roboforex
