ICE Brent crude is down to $83.69 per barrel, after ending yesterday at $84.9. Overall, a 1.43% loss or $1.21 today.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 109. Brent crude reaction to indicator information will follow.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Looking forward, Brent crude is poised to extend its strong downtrend and continue declining.
Taking a look at other Energy commodities, negative performances are evident as after ending yesterday's session at $3.11, Heating Oil lost 5.38 cents and is trading around $3.06. After ending yesterday's session at $77.9, Crude Oil lost $1.12 and is trading around $76.78.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at -1,000,000 — worse than previous data of 533,000; data will be released tomorrow at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Jan) is expected tomorrow at 13:15 UTC. United States Interest Rate figure is projected at 4.75. It previously stood at 4.5; data will be released tomorrow at 19:00 UTC.
Brent crude oil hit a significant low of $76.1 around a month ago, but has since recovered 11.56%.