Brent Crude Oil Holds Below $60 Amid Prolonged U.S. Government Shutdown

The U.S. Senate has once again failed to approve the temporary government funding bill that could end the three-week-long shutdown — the proposal received only 50 votes, short of the 60 required. Lawmakers had previously expressed hope for a consensus this week, after which full-scale budget discussions for the 2026 fiscal year would continue.

Additionally, at 22:30 (GMT+2) today, investors will focus on the weekly American Petroleum Institute (API) report for October 17. The previous report showed an increase in crude inventories by 3.524 million barrels, reflecting a gradual decline in domestic demand and rising supply as OPEC+ continues to expand production and exports. Pressure on “black gold” prices also comes from anticipation of U.S.–China trade talks scheduled for the end of the month. If no new agreement is reached, President Donald Trump intends to impose additional tariffs of 100% on Chinese imports, on top of the existing 30% rate.

Support and Resistance Levels

On the daily chart, Bollinger Bands are trending downward with a widening price range, opening the way for bears to new lows. The MACD indicator maintains a weak sell signal (the histogram remains below the signal line), while the Stochastic oscillator has turned upward, suggesting a potential short-term correction in the near term.

Resistance levels: 61.00, 62.00, 63.00, 64.00.

Support levels: 60.00, 59.00, 58.00, 57.36.

Brent Crude Trading Scenarios and Forecast

Long positions may be opened after a breakout above 62.00 with a target at 64.00. Stop-loss — 61.00. Implementation period: 2–3 days.

Short positions may be opened after a breakout below 60.00 with a target at 58.00. Stop-loss — 61.00.