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June 06, 2023ICE Brent crude weakened earlier in the day, before moving away from its $74.73 low and recovering back to $76.08 per barrel.
ICE Brent crude is currently trading at $76.08 following the release of EIA Short-Term Energy Outlook data from the United States.
Amid the market gloom, United States ISM Non-Manufacturing PMI (May) released yesterday at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9. United States Services PMI came out at 54.9, while a consensus of analysts was expecting 55.1. Factory Orders in United States fell short of market expectations (1.1%) with a reading of 0.4%, continuing the decline from the previous figure of 0.6%.
Brent Crude Oil made an initial break below its 21 day Simple Moving Average at $76.11, a possible indication of a forthcoming negative trend. Brent crude's upper Bollinger Band® is at $78.84 which indicates a further downward move may follow. Despite this, although Brent crude oil is pointing down today (was as low as $74.73), it's climbing away from the $75.62 support line and is now 46 cents above it.
Overall, the technical analysis landscape suggests that on the balance of probability, Brent crude is expected to maintain its bearish bias.
Energy have been showing mixed performances as Natural Gas moves 0.76% to trade around $2.26.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to 1.15 million while its preceding data was 4.49 million, data will be available tomorrow at 14:30 UTC.
A month ago, Brent crude oil fell to a low of $72 but has since recovered 6.56%.
