OPEC+ Makes Decision, Brent Still Under Pressure
Fundamentally, Brent crude oil is trending higher today, hovering around USD 63 per barrel, continuing its rebound from its lows in recent weeks. The main catalyst was the OPEC+ meeting, which decided to maintain current production levels until at least the first quarter of 2026, rather than increasing supply to the market. This "hold-on" stance was interpreted by the market as an effort to prevent oversupply amid already high global inventories and a slowing demand outlook, thus supporting prices after previous pressure.
However, looking at the bigger picture, Brent's trend throughout this year remains weak due to a combination of oversupply concerns (surges in production from the US and non-OPEC producers) and subdued demand due to slowing global economic growth.
The oil price at the time of this analysis is $63.20
- Buy if the price moves within the $63.25 range
- Sell if the price moves within the $63.15 range
Resistance 2: $63.37
Resistance 1: $63.27
Support 1: $62.98
Support 2: $62.79
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
