Fundamentally, Brent crude oil is trending higher today, hovering around USD 63 per barrel, continuing its rebound from its lows in recent weeks. The main catalyst was the OPEC+ meeting, which decided to maintain current production levels until at least the first quarter of 2026, rather than increasing supply to the market. This "hold-on" stance was interpreted by the market as an effort to prevent oversupply amid already high global inventories and a slowing demand outlook, thus supporting prices after previous pressure.
However, looking at the bigger picture, Brent's trend throughout this year remains weak due to a combination of oversupply concerns (surges in production from the US and non-OPEC producers) and subdued demand due to slowing global economic growth.
Source : Newsmaker.id
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