Brent crude is down to $81.37 per barrel, after ending Friday at $83.63. Overall, a 2.7% loss or $2.26 today.
With regards to technical trend indicators, chart analysis show 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 momentum evaluation, the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. Analysis based on the asset volatility indicates that ICE Brent crude's lower Bollinger Band® is at $82.5, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates ICE Brent crude will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other Energy as after ending Friday's session at $76.28, Crude Oil lost $2.11 and is trading around $74.17. Natural Gas is down to $6.86, losing 16.4 cents, after closing at $7.02 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence projected to come out at 100 — worse than previous data of 102.5; data will be released tomorrow at 15:00 UTC.
ICE Brent crude has shed 29.87% over the past six months.