Brent prices consolidated above 70.00 USD

Brent prices show moderate growth, returning to the area above 70.00 USD after the release of the US inflation and oil inventories statistics. Find more details in our Brent analysis for today, 13 March 2025.

Brent forecast: key trading points

• According to the Energy Information Administration (EIA), US oil stocks increased by 1.45 million barrels last week
• OPEC+ maintained its oil demand growth forecast for 2025 and 2026 at 1.40 million barrels per day
• An upward correction is underway
• Brent forecast for 13 March 2025: 71.00 and 70.00

Fundamental analysis

Yesterday’s US inflation data showed a moderate drop in inflation, with the Consumer Price Index (CPI) rising by 0.2% month-on-month and 2.8% year-on-year, below the expected 0.3% and 2.9%, respectively. Easing inflation may support US economic growth, boosting oil demand and driving up oil prices.

Brent was also positively affected by the release of the latest EIA report on US crude oil inventories. The data showed an increase of 1.45 million barrels in oil stocks last week, which was less than the expected increase of 2.10 million. In its March report, OPEC+ maintained its oil demand growth forecast for 2025 and 2026 at 1.40 million barrels per day.

Brent technical analysis

Brent quotes are undergoing an upward correction, having consolidated above the psychologically important level of 70.00 USD. The Alligator indicator reversed upwards on the H4 chart, confirming the upward momentum. If quotes rise above the 71.00 USD resistance level, a Double Bottom bullish reversal pattern will form, with an upside target at 73.00 USD.

The short-term Brent forecast suggests that the pair could have the potential for growth to the 71.00 USD resistance level and higher if the bulls hold above 70.00 USD. However, if the bears gain a foothold below 70.00 USD, prices could decline to the 69.00-68.50 support area.

Summary

Oil prices rose above 70.00 USD amid easing inflation in the US. If the bulls retain the initiative, the upward correction could continue.