Brent crude oil is on an 11 day downtrend Today is looking a bit better: ICE Brent crude trades at $83.58 per barrel, after ending yesterday at $83.03.
United States ADP Nonfarm Employment Change (Nov) is next.
Uncertainty around Brent crude is reflected by published market data as data for United States Consumer Confidence released yesterday at 15:00 UTC is better than expected with 100.2, but worse than previous figure of 102.2. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -7.85 million, while the previous figure was -4.82 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) came out at 10.4, while a consensus of analysts was expecting 10.8.
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. According to asset volatility analysis, ICE Brent crude's upper Bollinger Band® is at $101.29 and the lower is $81.93.
Overall, technical indicators suggest Brent crude oil has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Crude Oil improves 0.83% to trade around $78.85. Heating Oil trades around $3.31, with no major change.
Furthermore, the market is looking at United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released today at 15:00 UTC. United States Core PCE Price Index (MoM) (Oct) is expected tomorrow at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million. It previously stood at -3.69 million; data will be released today at 15:30 UTC.
Brent crude oil is now trading 18.65% below its 3-month high of $129.12.