Brent Slumps, But Traders Wary of Potential Rebound
Brent oil prices came under pressure today amid market concerns about rising OPEC+ production and rising global oil inventories. News that OPEC+ plans to increase production by 500,000 barrels per day in November, coupled with the resumption of oil exports from the Iraqi Kurdistan region, fueled expectations of oversupply, pressuring prices.
Furthermore, US oil inventory data showed stockpiles accumulating due to slowing refinery activity and demand. The EIA projected that the average Brent price could fall to around USD 59 per barrel by the end of 2025 due to increasing supply pressure.
Geopolitical factors and global demand also influence Brent's movement. Conflicts in various regions, Russia's production policy, and Chinese demand are key factors. However, not all of the OPEC+ production increase has been fully realized, which has helped to somewhat mitigate downward pressure.
From a technical perspective, the short-term trend indicates potential selling pressure, with key support at USD 62.6 per barrel and resistance around USD 66.7. The RSI, MACD, and ADX indicators are showing neutral signals, indicating that momentum is unclear. Traders are advised to be cautious about a potential rebound if resistance is broken or a correction if supply pressure becomes apparent.
Overall, Brent prices are facing mixed sentiment today: pressure from increasing oil supply and inventories, but there is still a chance for a rebound depending on production realization and global market sentiment.
Source: Newsmaker.id
