Global Oil Prices Weaken, Signals of a Downturn from OPEC+ and the EIA
OPEC+ continues to increase oil output, adding more than 548,000 barrels per day in August—marking the fourth consecutive monthly increase. This move increases global supply and raises concerns about potential oversupply, leading to downward pressure on Brent prices below US$68 per barrel.
The Energy Information Administration (EIA) estimates that global oil supply will continue to increase significantly in the second quarter of 2025. They predict that spot Brent prices could fall from around US$71 per barrel (July) to around US$58 per barrel in the fourth quarter, and even fall to around US$49 per barrel in early 2026, due to stockpiles and market pressures. The continued increase in supply, both from OPEC+ and the projected increase in overall global production, is creating fundamental pressures that are putting downward pressure on Brent prices this morning. The market is now likely responsive to signals of oversupply and the increasingly apparent potential for medium-term price declines.
The oil price at the time of writing was $67.45/Toz.
- Buy if the price moves around $67.50
- Sell if the price moves around $67.40
Resistance 2: $67.62
Resistance 1: $67.55
Support 1: $67.37
Support 2: $67.25
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making investment decisions.
Source: Newsmaker.id
