Brent crude strengthened to 66.60 USD. A weekly drop in US oil inventories benefited buyers. Discover more in our analysis for 21 August 2025.
Brent forecast: key trading points
- Brent’s trajectory is influenced by EIA inventory data and geopolitics
- Since the start of the year, oil prices have fallen by nearly 10%
- Brent forecast for 21 August 2025: 66.90
Fundamental analysis
On Thursday, Brent crude rose to 66.60 USD per barrel, extending gains from the previous session after data showed a significant drop in US inventories.
According to EIA statistics, US crude stockpiles fell by 6 million barrels last week to 420.7 million, while the market expected just a 1.3 million barrel drawdown.
Investors are also watching talks on a potential peace agreement brokered by US President Donald Trump. Any easing or removal of sanctions on Russian oil exports could significantly alter the global supply balance.
Nevertheless, since the beginning of the year oil prices have remained under pressure, down more than 10% amid expectations of oversupply due to OPEC+ output recovery and concerns over demand linked to US tariff policy.
The outlook for Brent remains mixed.
Brent technical analysis
On the H4 chart, Brent prices remain within a range after the decline in early August. The market is consolidating between the 65.30-64.70 support area and resistance around 66.90-68.90.
Growth attempts are held back by the 66.90 level: a breakout would open the way towards 69-70, while a return below 65.30 would send prices back to August lows.
The narrowing Bollinger Bands indicate prolonged consolidation and suggest the likelihood of a sharp move once the range breaks.
Summary
Brent crude prices are attempting another rise. The Brent forecast for today, 21 August 2025, suggests a test of the 66.90 level.
Source: Roboforex