Brent crude is down 1.97%, trading at $81.41 per barrel

Brent crude is down 1.97%, trading at $81.41 per barrel

ICE Brent crude slides down from $83.05 to $81.41 per barrel today, losing $1.64 (1.97%).

United States FOMC Meeting Minutes is next today at 19:00 UTC.

While price action maintains a negative bias, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

Brent Crude Oil reversed direction at $82.58 support zone and climbed $1.17 above it. Bollinger Bands® shows an indication of recovery: the lower band is at $80.27, a low enough level to, generally, suggest that Brent crude is trading below its fair value. In contrast, price action remains constrained around the key Fibonacci level of $81.9 currently serving as support. If price action breaks below, the next Fib hurdle is $80.41.

Despite suffering losses in today's session, technical analysis is indicating that Brent crude oil will undergo a significant bounce in the immediate term.

In the meantime, negative performances are also seen in other Energy as Crude Oil is down $1.58 from the beginning of the session and now trades around $74.78. Heating Oil slips 1.39% to trade around $2.75.

Positive performances can be seen by looking at other Energy markets as Natural Gas is up 5.4%.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.

Furthermore, United States GDP is expected tomorrow at 13:30 UTC.

Brent crude oil has fallen back around 35.68% over the past 11 months, from a notable high of $129.12.

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

اهرم معاملاتی انعطاف پذیر تا 1:1000

Stagnant West Texas crude mostly flat, trades at $69.79

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Stagnant West Texas crude mostly flat, trades at $69.79

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