Overall, Brent crude oil had a 1.2% move or $1 today and is currently trading at $84.19 per barrel.
At the same time, United States CFTC Crude Oil speculative net positions released yesterday at 19:30 UTC with a figure of 252,500, while the previous figure was 278,300. Fresh CFTC Gold speculative net positions data from United States came out at 116,100. United States CFTC Nasdaq 100 speculative net positions released yesterday at 19:30 UTC with a figure of 3,000, while the previous figure was -5,300.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Brent crude oil's lower Bollinger Band® is at $83.21, indicating that the market is oversold and fertile for new buyers. As the day gets underway, chart analysis suggests Brent crude oil is $1.64 away from testing key resistance at $85.83. Peaking above this level could inspire market bulls and open the path to further gains.
All in all, the technical analysis suggests Brent crude has no clear-cut direction.
This rally in Brent crude's price coincides with other Energy as Crude Oil gained 0.89% and is currently trading at $77.93.
Other Energy are showing mixed performance as Natural Gas trades around $6.79, with no major change.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released tomorrow at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.49 million. It previously stood at -3.69 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Nov) will be released tomorrow at 13:15 UTC.
Brent crude oil is now trading 18.83% below its 3-month high of $129.12.