ICE Brent crude is on a 7 day uptrend — Now turning against its recent performance, Brent crude oil weakened earlier in the day, before moving away from its $85.09 low and recovering back to $85.51 per barrel.
Brent Crude Oil made an initial break below its 3 day Simple Moving Average at $85.46, a possible indication of a forthcoming negative trend. Despite this, Brent crude oil could begin to recover as it approaches significant support, now 41 cents away from $85.1. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts ICE Brent crude to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the ICE Brent crude is expected to attract significant bearish sentiment in the coming days.
Taking a look at other Energy commodities, negative performances are evident as Crude Oil is down 81 cents from the beginning of the session and now trades around $78.91. Heating Oil is down to $2.84, losing 2.63 cents, after closing at $2.86 in the preceding trading session.
Furthermore, United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 6.2%. It previously stood at 6.5%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
Brent crude oil has recovered 13.52% since descending to a significant low of $76.1 around 2 months ago.