Oil on the verge of a breakout: Brent may test 66.50 USD today
A drop in US crude oil inventories may trigger a rise in Brent prices towards 66.50 USD. Find out more in our analysis for 3 June 2025.
Brent forecast: key trading points
Brent crude oil is forming a correction
Weekly US crude oil stockpiles (API): previously at -4.236 million barrels
Brent forecast for 3 June 2025: 63.50 and 66.50
Fundamental analysis
Fundamental analysis of Brent for today, 3 June 2025, takes into account that oil prices are moderately rising, reaching 65.00 USD per barrel. Key support factors include the weakening US dollar and geopolitical risks, such as tensions around Iran and supply disruptions from Canada due to wildfires.
Although OPEC+ decided to maintain the July output increase at 411,000 barrels per day, below market expectations, Brent quotes hit the 65.00 USD resistance level and are now entering a correction.
According to the American Petroleum Institute (API), US crude oil inventories fell by 4.236 million barrels last week. A further drop in stocks in the current reporting period could propel Brent prices towards 66.50 USD.
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