Rising US oil inventories increase pressure on Brent
Brent prices continue to react to geopolitical developments and US inventory data, currently trading at 62.18 USD. Discover more in our analysis for 16 October 2025.
Brent forecast: key trading points
- Prices rebounded from recent lows following a statement by US President Donald Trump
- The market is awaiting the release of official US oil inventory data
- The API reported an increase in US oil stocks of 7.36 million barrels
- Brent forecast for 16 October 2025: 61.70
Fundamental analysis
Brent prices are moderately recovering after two consecutive days of decline. Quotes rebounded from their lows following a statement by US President Donald Trump, who said Indian Prime Minister Narendra Modi had pledged to stop purchasing Russian oil. Trump noted that India would not be able to end imports immediately and also promised to increase pressure on China to reduce its purchases of Russian crude.
Meanwhile, the market is awaiting official data on US oil inventories. Earlier, the American Petroleum Institute (API) reported that US oil stocks rose by 7.36 million barrels last week. Gasoline stocks increased by 2.99 million barrels, while distillates fell by 4.79 million barrels. These figures add to the downward pressure on Brent prices in today’s forecast.
Brent technical analysis
Brent quotes continue to move within a descending channel, remaining under selling pressure. After failing to consolidate above the 62.60 USD resistance level, prices resumed their decline, indicating sustained bearish momentum.
The Brent price forecast suggests a decline towards 59.70 USD. The Stochastic Oscillator reinforces this scenario, as the indicator lines have rebounded from the resistance level and are forming another downward crossover.
A consolidation below 61.70 USD will signal seller dominance and increase the likelihood of continued downside momentum.
Summary
Rising US oil inventories continue to weigh on Brent prices. The forecast indicates sustained bearish sentiment with a strong likelihood of further decline towards 59.70 USD.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.