Brent hovers at key support – market awaits a reversal

Brent quotes remain under pressure due to fears of a global economic slowdown, currently standing at 68.43 USD. Discover more in our analysis for 15 July 2025.

Brent forecast: key trading points

• Europe is already seeing rising prices amid an energy shortage
• The number of active oil rigs in the US has dropped to the lowest since September 2021
• Brent forecast for 15 July 2025: 71.15

Fundamental analysis

Brent crude oil prices have declined for the second consecutive session. However, buyers still keep prices above the key support level of 68.25 USD. Additional pressure on the market comes from concerns that new US tariffs could slow global economic growth and reduce energy demand.

OPEC Secretary General Haitham Al-Ghais stated that the policy of divesting from oil production will drive up not only oil prices but also the cost of other forms of energy. According to him, this effect is already visible in Europe and may usher in a new era of rising energy prices overall.

Meanwhile, fresh data from oilfield services company Baker Hughes showed that the number of active oil rigs in the US fell by one last week, dropping to 424 units, the lowest level since September 2021.

Brent technical analysis

Brent quotes remain within the ascending channel despite a local decline. Prices have fallen to the channel’s lower boundary near the 68.25 USD support level.

Today's Brent price forecast suggests a rebound from support with a potential recovery towards the target level of 71.15 USD.

The Stochastic Oscillator analysis also supports the bullish scenario: the indicator has entered the oversold zone, and the signal lines are beginning to turn upwards, pointing to a weakening bearish momentum.

Summary

Reduced drilling capacity in the US and potential underinvestment in the sector provide long-term support for oil prices. Today's Brent analysis indicates a strong likelihood of a rebound from the 68.25 USD support level with a recovery towards 71.15 USD.