Brent breaks out of Wedge pattern as bullish momentum builds

Brent prices are rising amid easing trade tensions following the removal of global tariffs in the US and OPEC+’s confirmation of extended production caps. Discover more in our analysis for 29 May 2025.

Brent forecast: key trading points

• Brent prices climb on reduced oil supply and easing trade tensions
• OPEC+ confirms current output levels will remain in place through the end of 2026
• Brent forecast for 29 May 2025: 68.90

Fundamental analysis

Brent quotes are strengthening for the second consecutive trading session. Buyers have broken above the key resistance level at 64.65 USD, paving the way for further growth towards 65.95 USD. Prices are supported by a reduction in oil supply and easing trade tensions.

Investor sentiment improved after the unexpected decision by the US Court of International Trade to overturn global tariffs imposed by President Donald Trump, deeming them unlawful. This has reduced trade uncertainty and improved the outlook for global oil demand.

On the supply side, OPEC+, following its 39th meeting, reaffirmed its commitment to previously agreed output levels, which will remain in place until the end of 2026. This signals continued restraint among producers despite tighter market conditions.

Brent technical analysis

Brent quotes have broken out of a Wedge reversal pattern, confirming the end of a sideways correction. Today’s Brent price forecast suggests continued upward movement with a target at 68.90 USD, the upper boundary of the ascending channel. A consolidation above the Wedge’s upper edge further reinforces bullish sentiment and the potential for a strong upward impulse.

The Stochastic Oscillator supports this bullish outlook: signal lines are directed upwards, maintaining a rising structure that reflects the strength of the current move.

A breakout above the next resistance level at 65.95 USD would provide additional confirmation of continued growth.

Summary

Brent’s fundamentals point to a solid bullish momentum supported by both supply constraints and improved demand outlook. Today’s Brent analysis suggests a high probability of further growth following the Wedge breakout, with a target at 68.90 USD.