ICE Brent crude is on a 12 day downtrend Today is looking a bit better: ICE Brent crude trades at $85.34 per barrel, after ending yesterday at $85.43.
United States Core PCE Price Index (MoM) (Oct) is next today at 13:30 UTC.
Uncertainty around ICE Brent crude is reflected by published market data as following a previous reading of -3.69 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the -2.76 million figure expected by analysts with an actual reading of -12.58 million. Data for United States Pending Home Sales published yesterday at 15:00 UTC came out at -4.6%, beating projections of -5% and showing improvement over the preceding figure of -8.7%. United States JOLTs Job Openings (Oct) released yesterday at 15:00 UTC with a figure of 10.33 million, while the previous figure was 10.69 million.
Japanese candlestick formations show a "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term.
Meanwhile, mixed performances are seen in other Energy as Heating Oil trades close to $3.38, with no major change. Natural Gas trades around $6.97, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core PCE Price Index (MoM) (Oct) is scheduled for today at 13:30 UTC. As things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 200,000, following on from the preceding figure of 261,000. New data is set to be published tomorrow at 13:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 235,000. It previously stood at 240,000; data will be released today at 13:30 UTC.
Brent crude has shed 31.2% over the past six months.