ICE Brent crude drops from $93.14 to $92.45 per barrel, losing 69 cents (0.74%) today.
- United States Producer Price Index is next today at 13:30 UTC.
- Brent crude oil hasn't been as low as $91.53 in 3 weeks.
Earlier data releases related to ICE Brent crude – United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 82,300, while the previous figure was 64599.99999999999. United States CFTC Nasdaq 100 speculative net positions came out at -2,400.
Technical analysis of Brent crude oil before data is released:
Despite being in the red so far in the current trading session, Brent Crude Oil peaked above its 50 day Simple Moving Average around $92.67 — typically an early indicator of a new bullish trend beginning to emerge. ICE Brent crude's lower Bollinger Band® is at $91.64, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Brent crude oil could begin to recover as it approaches significant support, now $1 away from $91.45. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems ICE Brent crude is set to appreciate despite today's setback.
Coming up for Brent crude oil — United States Core Retail Sales is projected to outperform its last figure with 0.4%, having previously been at 0.1%. The figure will be published tomorrow at 13:30 UTC. Tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.36 million from the preceding figure of 3.92 million.
As the markets get ready for more data to be released — Heating Oil trades with no major change, around $3.56. Natural Gas trades around $6, with no major change.
ICE Brent crude reached a significant high of $129.12 around 8 months ago but has lost 27.87% since then.