Tentatively higher from an earlier low of $87.39, Brent crude oil is up to $88.09 per barrel today, adding 64 cents, or 0.73%, to yesterday's closing price of $87.45.
At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.974, while the previous figure was 4.192. United States 2-Year Note Auction came out at 4.505.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Brent crude's lower Bollinger Band® is at $87.39, indicating that the market is oversold and fertile for new buyers. Analysis of Brent crude's recent price action suggests although Brent crude oil is appreciating today after rising as high as $88.88, price action is now slowing and consolidating around $1.46 below the $89.55 resistance level.
All in all, the technical analysis suggests Brent crude has no clear-cut direction.
Rallies can also be seen in other Energy, Crude Oil is up 1.02%.
Meanwhile, Natural Gas is down to $6.49, losing 28.3 cents, after closing at $6.78 in the preceding trading session.
Other Energy are showing mixed performance as Heating Oil trades around $3.51, with no major change.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released tomorrow at 13:30 UTC.
Also worthy of note, United States Initial Jobless Claims expected to decline to 225,000 while its preceding data was 222,000, data will be available tomorrow at 13:30 UTC.
Elsewhere, United States New Home Sales (Oct) scheduled to come out tomorrow at 15:00 UTC.
Brent crude is now trading 32.27% below the significant high of $129.12 it set around 8 months ago.