Bearish Brent crude currently $1.57 lower after trading as low as $82.92

ICE Brent crude is down to $83.2 per barrel, after ending yesterday at $84.77. Overall, a 1.85% loss or $1.57 today.

Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in Brent crude are expected to follow.

Meanwhile, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -2.67 million, while the previous figure was 377,000. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%.

The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.

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

Taking a look at other Energy commodities, negative performances are evident as Crude Oil is trading around $79.19 (down $1.67). Heating Oil is down 3.94 cents from the beginning of the session and now trades around $2.56.

Looking ahead, ongoing depreciation may be prolonged as today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1 million from the preceding figure of 597,000.

Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is expected tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) will be released tomorrow at 14:00 UTC.

Brent crude oil has fallen back around 31.42% over the past 10 months, from a notable high of $123.6.