Yesterday at a glance: bearish sentiment ensured Brent crude finished yesterday's session lower. However, despite the downward bias, Brent crude oil etched out a distinct $83.56 to $86.9 session range.
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. Brent crude oil has just crossed the lower Bollinger Band® at $84.47, indicating further losses could be forthcoming.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Brent crude oil to extend its recent losses.
ICE Brent crude's value drop coincided with the fact that Heating Oil lost 3.58% yesterday and closed at $3.36. Crude Oil retreats 2.13% yesterday and closed at $77.94. Natural Gas is down to $7.02, losing 28.4 cents, after ending the previous session around $7.31.
8 months ago Brent crude reached a significant high of $129.12 but has consequently lost 33.85% since then.