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Oct 24, 2025
Oil Holds Near $61.6 Ahead of Inventory Data
Markets Await EIA Report as Supply and Demand Stay Balanced
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Oil prices are trading steadily near $61.64 per barrel on Friday, as markets await the release of the U.S. crude oil inventory data from the Energy Information Administration (EIA), scheduled for Wednesday, October 29, 2025. The commodity has shown mild gains in recent sessions, supported by a weaker U.S. dollar and improved Asian demand forecasts. However, upside momentum remains limited amid rising U.S. output and slower industrial growth in Europe. |
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From a technical perspective, support is seen near $61.00, while the first resistance stands around $62.20.
Technical indicators such as MACD and RSI suggest consolidation with a slight bearish bias in the short term.
Outlook:
Oil is expected to trade in a tight range between $61.00 and $62.50 until next week’s inventory data, which will likely determine the next directional move — either a continuation of recovery or renewed selling pressure.