Brent crude oil is grinding lower from $82.7 to $82.51 per barrel, shedding 19 cents (0.23%) today.
United States Retail Sales is next.
Brent crude oil's state is reflected by market data as United States Interest Rate came out at 4.5, while a consensus of analysts was expecting 4.5. Highly important Crude Oil Inventories data from United States beat analyst expectations of -3.60 million with a reading of 10.23 million. United States Interest Rate Projection – 1st Yr (Q4) released yesterday at 19:00 UTC with a figure of 5.1, while the previous figure was 4.6.
Brent Crude Oil is approaching key support, around $1.69 away from $80.82. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.
Despite muted price action in ICE Brent crude, chart analysis indicates it is positioned for a bullish run in the short term.
Furthermore, the market is looking at United States Retail Sales expected to decline to -0.1% while its preceding data was 1.3%, data will be available today at 13:30 UTC. United States Core Retail Sales projected to come out at 0.2% — worse than previous data of 1.3%; data will be released today at 13:30 UTC. United States Philadelphia Fed Manufacturing Index (Dec) will be released today at 13:30 UTC.
Brent crude oil traded as high as $129.12 before shedding 31.89% lower over the past six months.