Brent oil prices are confidently climbing. The rally may continue if US trade talks yield results. Discover more in our analysis for 24 July 2025.
Brent forecast: key trading points
- Brent moves into positive territory, but the consolidation range remains intact
- New US-China trade talks could provide the market with a new catalyst
- Brent forecast for 24 July 2025: 68.60
Fundamental analysis
On Thursday, Brent prices rose to 68.21 USD per barrel, ending a four-day decline. The market found support from progress in trade negotiations.
The US and EU are aligning their positions on a new deal that may impose 15% tariffs on most European goods, following the model of the deal already struck with Japan. This boosted optimism among market participants and eased concerns that prolonged trade disputes could harm global oil demand.
Further support came from US Department of Energy data: crude oil inventories fell by 3.2 million barrels last week – more than expected. Gasoline stocks dropped by 1.7 million barrels, while distillates rose by 2.9 million.
Traders are also watching the upcoming meeting between US Treasury Secretary Scott Bessent and Chinese officials in Stockholm. The discussions will focus on extending the trade truce and may also address Chinese purchases of sanctioned oil from Russia and Iran.
The Brent forecast is favourable.
Brent technical analysis
The H4 chart shows Brent trading within a sideways range with moderate volatility. After an unsuccessful attempt to break above the 70.03 resistance level between 11 and 16 July, prices pulled back and consolidated below 68.58.
The quotes currently stand near 68.21, around the middle Bollinger Band. The lower boundary of the support channel is at 67.20, which twice held back declines (on 18 and 23 July). The upper resistance boundary lies at 68.58. While prices remain between these levels, the market stays in a consolidation mode.
Technically, the movement potential remains limited: a breakout above 68.60 may open the way to 70.00, while a breakdown below 67.20 could deepen the correction. The direction will largely depend on news regarding demand and US trade negotiations with key partners.
Summary
Brent crude remains in consolidation despite the current rise. The Brent forecast for today, 24 July 2025, suggests a potential attempt to break above 68.60.
Source: Roboforex
