Brent quotes remain under pressure, trading below 66.00 USD amid concerns over increased oil supplies from Iraq. Discover more in our analysis for 23 September 2025.
Brent forecast: key trading points
- Market focus: today, the market awaits US crude oil inventory data from the American Petroleum Institute (API)
- Current trend: trending downwards
- Brent forecast for 23 September 2025: 65.00 or 67.00
Fundamental analysis
Brent prices fell below 66.00 USD per barrel on Tuesday, as concerns over increased supply continue to outweigh geopolitical risks in Europe and the Middle East. Reports indicate that Iraq may soon resume oil exports through Kurdistan, which have been suspended for more than two years.
This could potentially return around 230,000 barrels per day of oil to global markets. Iraq has also increased oil exports under the OPEC+ agreement, with expectations that September supplies will reach between 3.4 and 3.45 million barrels per day. The increase in oil supply is putting pressure on Brent prices.
Brent technical analysis
On the H4 chart, Brent shows a downward movement after reversing lower from the daily high around 68.00 USD. A Triangle pattern is forming on the chart, which could push quotes further down towards the 60.00 USD area.
The short-term Brent price forecast suggests a return to 67.00 USD if bulls bring quotes back above 66.00 USD. However, if bears manage to firmly hold below 66.00 USD, a further decline to the 65.00 USD support level is possible.
Summary
Brent quotes dropped below 66.00 amid concerns about increased oil supplies from Iraq. Today, market participants are focused on US crude oil inventory data from the API.
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