Brent remains under pressure due to increased output and problems in China

Brent quotes are slightly rising, currently standing at 68.95 USD. Discover more in our analysis for 11 March 2025.

Brent forecast: key trading points

• An economic slowdown in China raises concerns about future oil demand
• The increase in US and Canadian rigs boosts oil supply
• Brent forecast for 11 March 2025: 66.65

Fundamental analysis

Brent quotes are correcting after rebounding from the 68.45 USD support level. Prices are under pressure from global trade tensions, the expected increase in OPEC+ supply, and the uptick in oil production in North America. In February, US rigs added 8 units, reaching 590 rigs, while rigs in Canada increased by 38 units to 247.

An additional negative factor is the weakening of the Chinese economy, the largest oil consumer. Rising deflation in the country raises concerns about future oil demand. All these factors combined create an unfavourable environment for oil quotes, which, as part of the Brent price forecast, increases the risks of its further decline.

Brent technical analysis

Despite the rebound from the support level, Brent prices remain under pressure, with the risk of a further decline remaining. The Brent forecast for 11 March 2025, suggests a fall to 66.65 USD. Technical indicators confirm the bearish sentiment in the market, with the Moving Averages signalling the predominance of sellers and the Stochastic Oscillator approaching the overbought area, indicating a potential new downward impulse.

Summary

A combination of negative factors, including increased oil output, the weakening of the Chinese economy, and expectations of increased OPEC+ supply put pressure on Brent quotes, increasing the risks of a further drop in oil prices. The Brent analysis for today indicates a potential decline to 66.65 USD.