After United States JOLTs Job Openings (Apr), Brent crude oil trades at $72.75

Brent crude oil recovering almost all the way back to $73.54 today, after dipping down to $71.55.

• Brent crude is currently trading at $72.75 following the release of JOLTs Job Openings (Apr) data from the United States.
• ICE Brent crude hasn't been as low as $71.55 in 3 weeks.
• Today's losses are adding to a 6 day bearish run, during which Brent crude lost $4.48 of its value.

United States JOLTs Job Openings (Apr) released today at 14:00 UTC with a figure of 10.10 million, while the previous figure was 9.74 million. Highly important Consumer Confidence data from United States beat analyst expectations of 99 with a reading of 102.3.

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 has just crossed the lower Bollinger Band® at $73.48, indicating further losses could be forthcoming. On the other hand, note that ICE Brent crude could begin to recover as it approaches significant support, now $1.3 away from $71.45. Dipping below could be an indication that further losses are ahead.

In the short term, ICE Brent crude is expected to maintain its recent downtrend and continue spiralling lower.

United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million, having previously been at -12.46 million. The figure will be published tomorrow at 15:00 UTC. United States ADP Nonfarm Employment Change (May) is expected tomorrow at 12:15 UTC.

Having set a significant high of $123.6 11 months ago, ICE Brent crude is trading 40.5% lower.