After ending the previous trading day at $93.52, ICE Brent crude went up to $96.19 only to drop back; still positive overall today, now trading at $96.09 per barrel.
New United States Crude Oil Inventories improved upon the previous -1.73 million figure while also exceeding analyst expectations with a reading of 2.59 million.
Brent crude upside coincides with further encouraging market factors as United States Crude Oil Inventories came out at 2.59 million, better than analyst estimates of 1 million and improving upon the previous reading of -1.73 million.
Nevertheless, highly important Consumer Confidence data from United States beat analyst expectations of 106.5 with a reading of 102.5.
Meanwhile, United States New Home Sales (Sep) released today at 14:00 UTC with a figure of 603,000, while the previous figure was 677,000.
As the trading day comes to an end, chart analysis indicates Brent Crude Oil broke through the $94.72 resistance and climbed $1.37 above it. Trend-following investors would be interested to note that Brent crude made an initial breakout above its 50 day Simple Moving Average at $93.03, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Brent crude's upper Bollinger Band® is at $97.79, this is a slight indication of a slowdown.
Overall, while ICE Brent crude has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other Energy also shows upside as Heating Oil is up 5%. Crude Oil is up 3.76%. Natural Gas gained 2.17% and is currently trading at $5.74.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released tomorrow at 12:30 UTC.
Also worthy of note, tomorrow at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0.2% from the preceding figure of 0.3%. United States Initial Jobless Claims expected to decline to 220,000 while its preceding data was 214,000, data will be available tomorrow at 12:30 UTC.
ICE Brent crude is now trading 27.57% below the significant high of $129.12 it set around 7 months ago.