After a mostly steady day, Brent crude loses $3.27 late into the session, trading at $85.09 per barrel.
United States Crude Oil Inventories didn't cause a noticeable effect even though it falls short expectations with -3.69 million.
United States Crude Oil Inventories released earlier showed a marked improvement to -3.69 million from the preceding data of -5.4 million, but fell short of the -1 million figure forecast by a consensus of market analysts.
On the flip side, data for United States Core Durable Goods Orders published today at 13:30 UTC came out at 0.5%, beating projections of 0.1% and showing improvement over the preceding figure of -0.9%.
While price action maintains a negative bias, United States New Home Sales (Oct) released today at 15:00 UTC with a figure of 632,000, while the previous figure was 588,000.
After descending below strong Fibonacci support at $87.33, market bears have earmarked $84.06 as the next downside target. A crossing of the lower Bollinger Band® at $85.77 suggests further losses may follow for Brent crude oil. Brent crude oil broke through the $87.45 support line and dropped $2.36 below it. In contrast, despite being in the red so far in the current trading session, ICE Brent crude peaked above its 5 day Simple Moving Average around $89.03 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for ICE Brent crude.
In the meantime, negative performances are also seen in other Energy as after ending yesterday's session at $80.95, Crude Oil lost $3.24 and is trading around $77.71. After ending yesterday's session at $3.47, Heating Oil lost 5.94 cents and is trading around $3.41.
Positive performances can be seen by looking at other Energy markets as Natural Gas gained 8.84% and is currently trading at $7.38.
Furthermore, United States FOMC Meeting Minutes is scheduled for today at 19:00 UTC.
ICE Brent crude is now trading 31.57% below the significant high of $129.12 it set around 8 months ago.