Brent, around $69.04 in the European session, tended to hold gains due to signals of demand entering the off-season (post-peak travel season), while falling US stockpiles data remained a support underneath. On the supply side, the market weighed news that Kurdistan pipeline exports could resume, potentially increasing supply, along with OPEC+ output trending upward into Q4. This combination of factors made yesterday's rally feel more sentiment-driven than a strong fundamental shift.
At the same time, geopolitical risks remain alive—Ukrainian attacks on Russian energy infrastructure and harsher political rhetoric could disrupt supply flows at any time. However, signs of demand moderation are also emerging: US gasoline prices are slowing, air travel data is less robust than in previous months, and refinery maintenance in some regions is reducing near-term crude demand. With a slightly weaker US dollar providing limited support, the overall fundamental picture remains balanced: declining stockpiles and supply risks vs. Less aggressive demand and the potential return of oil flows from Kurdistan. (ads)
The Brent oil price at the time of writing was $69.03.
Disclaimer:
This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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