Brent crude trades at $86 per barrel, after ending Friday at $85.91.
With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Brent Crude Oil price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that ICE Brent crude’s upper Bollinger Band® is at $86.53, suggesting that a downward move may follow. As the trading day commences, technical analysis suggests Brent crude’s nearest support level is at $81.48.
The current technical outlook indicates Brent crude oil will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Natural Gas closed at $4.14 (down 7.44%). Heating Oil moves 0.6% to trade around $3.31.
Moreover, United States JOLTs Job Openings (Nov) is expected tomorrow at 15:00 UTC. United States ISM Manufacturing PMI (Dec) is scheduled for tomorrow at 15:00 UTC. United States FOMC Meeting Minutes scheduled to come out tomorrow at 19:00 UTC.
Brent crude oil hit a significant low of $76.1 around 25 days ago, but has since recovered 12.89%.