Brent Oil Under Pressure Below $68, Oversupply and Signals of Technical Pressure
Brent crude oil prices fell again below the psychological level of $70 per barrel in today's trading. The pressure came from a combination of rising global supply and bearish technical sentiment.
According to a Reuters report, oil prices were under pressure after exports from the Iraqi Kurdistan region returned to normal, adding around 180,000–190,000 barrels per day to the port of Ceyhan, Turkey. Furthermore, OPEC+ also plans to increase production by 137,000 barrels per day in November, although actual production is still 500,000 barrels short of the target.
Technically, daily indicators are showing a strong sell signal. Brent is currently facing support in the $66.5–$66.8 per barrel range, while the nearest resistance is at $67.3. If support is breached, selling pressure could continue, while a rebound is only possible if prices are able to break through that resistance level.
Although supply sentiment currently dominates price direction, analysts warn that geopolitical risks could still act as a catalyst. Tensions involving Russia and Iran could trigger another price spike if they escalate.
Under these conditions, the global oil market faces dual uncertainties: short-term supply pressures and potential medium-term geopolitical risks. Market participants are now awaiting global economic data and the next OPEC+ decision to determine the direction of Brent prices going forward.
Source: Newsmaker.id
