ICE Brent crude is now trading at $82.37 per barrel after tracing out a steady $81.3 – $82.91 range today.
Brent crude oil's state is reflected by market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -1.52 million with a reading of 718,000. Fresh Initial Jobless Claims data released in United States matched analyst forecasts with a reading of 225,000 — a backwards step from its previous reading of 216,000. United States Chicago PMI (Dec) released today at 14:45 UTC with a figure of 44.9, while the previous figure was 37.2.
A study of ICE Brent crude's chart reveals various key levels to watch: Brent Crude Oil is approaching key support, around 11 cents away from $82.26. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Meanwhile, mixed performances are seen in other Energy as Crude Oil gained 1.07% and is currently trading at $79.24. Heating Oil gained 0.9% and is now trading at $3.34. After ending yesterday's session at $4.56, Natural Gas lost 9.9 cents and is trading around $4.46.
After hitting an important low of $76.1 approximately 21 days ago, Brent crude has bounced back 8.09% since.