Brent Crude Swings Sharply, Global Uncertainty Weighs on Energy Market Sentiment
Brent Crude Oil, one of the world's benchmark oil prices, is back in the spotlight after fluctuating prices amid geopolitical turmoil and global demand uncertainty.
After US President Donald Trump issued a 50-day ultimatum to Russia, tensions escalated, but no immediate sanctions were imposed. This calmed the market and pushed Brent prices down to around $68.90 per barrel.
Meanwhile, OPEC+ continues to increase production to 548,000 barrels per day to maintain market share, in line with expectations of global economic growth in the second half of the year.
According to an IEA report, global oil demand growth in 2025 is expected to only increase by around 700,000 barrels per day—the lowest level since 2009. This creates structural pressure on oil prices in the medium term.
Goldman Sachs revised its Brent price target to $66 per barrel for the second half of 2025, up from its previous projection.
Meanwhile, the EIA predicts the average price will remain below $70 in 2025 and fall to $58 in 2026, reflecting the potential for a long-term surplus.
Brent crude oil's current support area is $68.50-$69.90, while its resistance is at $71.30-$73.40. If the price breaks through $71.30, the opportunity for a rise to the $72.65-$73.40 area is wide open. Conversely, if it falls below $68.50, the price could experience a deeper correction toward the $66-$62 area.
With global dynamics still changing rapidly, investors and traders in the energy sector need to continuously monitor factors such as OPEC+ policies, geopolitical conflicts, and the direction of global interest rate policy, which also influence the direction of crude oil prices.
Source: Newsmaker.id
