Bearish Brent crude currently $1.78 lower after trading as high as $83.47

After a mostly steady day, ICE Brent crude loses $1.78 late into the session, trading at $81 per barrel.

ICE Brent crude is currently trading at $81 following the release of U.S. President Biden speech data from the United States.

Meanwhile, United States Participation Rate (Feb) released today at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.

Despite being in the red so far in the current trading session, Brent Crude Oil peaked above its 5 day Simple Moving Average around $83.34 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $80.37, a low enough level to, generally, suggest that ICE Brent crude is trading below its fair value. On the other hand, note that Brent crude oil broke through the $82.38 support line and dropped $1.4 below it.

Overall, looking at the technical analysis landscape, it seems Brent crude —which is currently on a downtrend— might reverse course and start pointing upward in the short term.

Taking a look at other Energy commodities, negative performances are evident as after ending Friday's session at $76.68, Crude Oil lost $1.9 and is trading around $74.78.

Though Brent crude oil has been dropping, other Energy have been performing better: having closed the previous session at $2.43, Natural Gas is up 6.17% today to currently trade at around $2.58.

Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.

Over the past 9 months, Brent crude has retreated 33.03% from a noteworthy peak of $123.6.