Brent Oil Consolidates, Geopolitics Helps Limit Weakness
Brent oil prices traded today in the range of US$66.80–US$67.14 per barrel, moving relatively sideways as the market weighed a combination of strong global supply, rising inventories, and a still-unconvincing demand outlook.
Fundamentally, oil prices were overshadowed by several key factors. Global supply remained relatively stable after OPEC+ partially relaxed production cuts, while the latest inventory report showed an increase in distillate stocks in the United States. This condition signals that demand for oil processing is starting to slow.
Meanwhile, concerns over a global economic slowdown continue to weigh on the energy demand outlook, although geopolitical tensions in Europe and the Middle East have provided a small boost to prices. A US Energy Information Administration (EIA) report even predicted that Brent prices could weaken in the fourth quarter of 2025 and into 2026 as global supply increases.
Technically, Brent is still moving within a consolidation range. The nearest support is at US$62.60-US$61.40, while strong resistance lies in the US$72.70-US$81.60 range. The Relative Strength Index (RSI) indicator indicates neutral conditions, while several oscillators signal overbought conditions, which could limit gains. The MACD also indicates potential short-term downward pressure.
If the price breaks through the US$67.50-US$68 level, Brent has the potential to test the US$70-US$72 area. However, if selling pressure intensifies due to economic data or stock reports, the support area around US$62-US$63 will likely be retested.
Given these conditions, Brent's movement in today's trading is expected to tend to be sideways with a slightly bullish bias, with an intraday range between US$66-US$70 per barrel.
Source: Newsmaker.id
