Brent crude oil is sharply lower after losing $1.54, declining as low as $81.58 per barrel.
United States Existing Home Sales (Mar) is next today at 14:00 UTC.
Initial Jobless Claims in United States fell short of market expectations (240,000) with a reading of 245,000, continuing the decline from the previous figure of 240,000. United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -4.58 million, falling short of the -1 million projections and continuing its decline from the previous 597,000 figure.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Apr) came out at -31.3, while a consensus of analysts was expecting -19.2.
Bollinger Bands® shows an indication of recovery: the lower band is at $79.54, a low enough level to, generally, suggest that Brent Crude Oil is trading below its fair value. Brent crude could begin to recover as it approaches significant support, now 34 cents away from $81.92. Dipping below could be an indication that further losses are ahead. Despite this, price action remains constrained around the key Fibonacci level of $82.33 currently serving as support. If price action breaks below, the next Fib hurdle is $81.16.
Overall, looking at the technical analysis landscape, it seems ICE Brent crude —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Taking a look at other Energy commodities, negative performances are evident as Heating Oil is down 4.88 cents from the beginning of the session and now trades around $2.51. Crude Oil is trading around $77.71 (down $1.45).
Furthermore, United States Existing Home Sales (Mar) is expected today at 14:00 UTC.
Having set a significant high of $123.6 10 months ago, ICE Brent crude is trading 32.75% lower.