Tentatively higher from an earlier low of $93.27, Brent crude oil is up to $96.26 per barrel today, adding $2.59, or 2.77%, to yesterday's closing price of $93.67.
At the same time, United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.6%. United States Consumer Price Index came out at 0.4%, while a consensus of analysts was expecting 0.6%. United States Consumer Price Index came out at 7.7%, while a consensus of analysts was expecting 8%.
Trend and momentum analysis indicates that Brent Crude Oil made an initial breakout above its 21 day Simple Moving Average at $94.62, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $98.68, thereby suggesting that Brent crude is becoming overvalued. Technical analysis shows that Brent crude broke through the $94.76 resistance, climbing $1.5 above it.
All in all, the technical analysis suggests Brent crude has no clear-cut direction.
Rallies can also be seen in other Energy, Crude Oil gained 3.5% and is now trading at $89.5. Heating Oil is up 2.85% to $3.67.
Approximately 8 months ago, ICE Brent crude reached a significant high of $129.12 but has struggled to hold onto its gains and declined 27.46% since then.