Currently trading at $93.15 per barrel, ICE Brent crude remains range-bound between $91 and $93.8.
Uptick comes while some more positive signs for Brent crude oil are out as highly important Initial Jobless Claims data from United States beat analyst expectations of 230,000 with a reading of 214,000.
Meanwhile, United States Existing Home Sales (Sep) released yesterday at 14:00 UTC with a figure of 4.71 million, while the previous figure was 4.78 million. United States Philadelphia Fed Manufacturing Index (Oct) came out at -8.7, while a consensus of analysts was expecting -5.
Brent Crude Oil made an initial breakout above its 50 day Simple Moving Average at $93.15, a potential indicator of a newly emerging bullish phase. Despite this, Brent crude oil could be slowing down soon as it approaches resistance at $94.13. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Brent crude oil might continue pointing upwards in the short term.
At the same time, Natural Gas is trading around $4.96 (down 40.1 cents). Heating Oil is down to $3.68, losing 7.41 cents, after closing at $3.76 in the preceding trading session.
Brent crude is now trading 28.45% below the significant high of $129.12 it set around 7 months ago.