Having lost $2.71 over 4 days, Today is looking a bit better: without a clear-cut direction, ICE Brent crude is trading around $79.95 per barrel and ranging between $79.95 and $79.95.
Brent crude's state is reflected by market data as United States Building Permits (Nov) came out at 1.34 million, while a consensus of analysts was expecting 1.49 million. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of -3 million, while the previous figure was 7.82 million. United States Housing Starts (Nov) came out at 1.43 million, while a consensus of analysts was expecting 1.4 million.
As the trading day commences, technical analysis suggests Brent Crude Oil is approaching key support, around $1.31 away from $78.64. 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. Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Meanwhile, mixed performances are seen in other Energy as Natural Gas is up 3.44%. Heating Oil moves 0.16% to trade around $3.06.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1.66 million, following on from the preceding figure of 10.23 million. New data is set to be published today at 15:30 UTC. United States Initial Jobless Claims projected to come out at 222,000 — worse than previous data of 211,000; data will be released tomorrow at 13:30 UTC. United States Existing Home Sales (Nov) is scheduled for today at 15:00 UTC.
Brent crude oil traded as high as $129.12 before shedding 30.03% lower over the past six months.