16 October 2025: 09:30 BST
After a rangebound session, Brent flat price made a dash for the upper 62’s this morning, peaking at $62.75/bbl just before 9:00 London time. But the rally rapidly lost steam, and December Brent resumed its downtrend, reaching the Asian bell at $62.37/bbl. But it didn’t stop there, trading in a tight channel, Brent descended towards $62/bbl, and the technical wizards think it could go lower. All the abbreviations are pointing that way, ADX, DMI, MACD are all bearish according to them. We just think the markets are worried about oversupply. Just yesterday evening the Brent Feb/March was trading in a 1c contango – look at the OBI in JFX – while the same spread in WTI continues being in a contango, now trading at 4c.
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