Without a clear-cut direction, ICE Brent crude is trading around $76.16 per barrel and ranging between $75.26 and $77.17.
Brent Crude Oil made an initial break below its 3 day Simple Moving Average at $76.47, a possible indication of a forthcoming negative trend. On the other hand, note that Brent crude oil is approaching key support, around $1.18 away from $75. 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. ICE Brent crude's upper Bollinger Band® is at $95.79 and the lower is $73.96.
Although price action remains in a stalemate, technical analysis suggests Brent crude oil could be primed for a break to the downside.
Meanwhile, mixed performances are seen in other Energy as Natural Gas is up 10.49%. Heating Oil climbs 1.63% to trade around $2.84. Crude Oil trades with no major change, around $71.47.
Moreover, United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. Brent crude oil traded as high as $129.12 before shedding 36.64% lower over the past six months.