Pressure Downward Amid Hopes of Peace & Production Surges
Brent prices weakened slightly to $66.30 per barrel in Asian morning trading, as the market awaited the possibility of trilateral peace talks between Russia, Ukraine, and the US—which could ease tensions and reopen Russian oil exports more broadly.
Stable Russian supply also supported downward pressure on prices, as the risk of disruptions diminished.
The price premium (time spread) narrowed as global supply increased and summer demand eased. OPEC+ is scheduled to raise production in September, and several producers, including Brazil, Guyana, and Norway, are also expanding production.
Data from China shows continued stockpiling—oil hoarding despite increased refining capacity—which could further depress import demand if prices climb higher.
The EIA forecasts Brent prices will fall below $60/barrel in the fourth quarter of 2025, with an average remaining low toward $50/barrel in 2026—due to significant global oversupply.
Most moving averages (5-, 10-, 20-, 50-, 100-, and 200-day SMAs and EMAs) are signaling a sell signal, indicating a bearish medium- to long-term technical bias.
The RSI is at 40.13, indicating neutrality, while the MACD is negative but signaling a minor buy signal. The classic pivot point is around $67.05.
Source: Newsmaker.id
