After a mostly steady day, Brent crude oil loses $1.8 late into the session, trading at $80.93 per barrel.
United States's Consumer Confidence new data released of 101.3 below its previous figure.
Following a previous reading of 104, Consumer Confidence in United States released today at 14:00 UTC fell short of the 104 figure expected by analysts with an actual reading of 101.3.
While price action maintains a negative bias, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released today at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Brent Crude Oil pushed below the $81.14 support level and extended 21 cents beyond it. ICE Brent crude made an initial break below its 5 day Simple Moving Average at $81.97, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $81.16, market bears have earmarked $79.27 as the next downside target. In contrast, Bollinger Bands® shows an indication of recovery: the lower band is at $79.87, a low enough level to, generally, suggest that Brent crude oil is trading below its fair value.
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 Brent crude oil.
In the meantime, negative performances are also seen in other Energy as after ending yesterday's session at $2.53, Heating Oil lost 6.68 cents and is trading around $2.46. After ending yesterday's session at $78.76, Crude Oil lost $1.49 and is trading around $77.27.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
ICE Brent crude reached a significant high of $123.6 around 10 months ago but has lost 33.07% since then.