Brent crude oil went up 56 cents, closing at $74.9 and building up on its four days of gains

Today at a glance: with a daily low of $74.25, Brent crude closed today at $74.9 per barrel, after ending yesterday at $74.34 and gaining 56 cents (0.75%).

Nevertheless, United States Pending Home Sales fell short of the -0.5% projections, with new data of -2.7%.

Meanwhile, United States Core PCE Price Index (YoY) (May) came out at 4.6, while a consensus of analysts was expecting 4.7. United States Core PCE Price Index (MoM) (May) released today at 12:30 UTC with a figure of 0.3, while the previous figure was 0.4.

With regards to technical trend indicators, chart analysis show that Brent Crude Oil made an initial breakout above its 21 day Simple Moving Average at $74.9, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that Brent crude oil is oscillating around the key Fibonacci resistance level of $74.41. Analysis based on the asset volatility indicates that ICE Brent crude's upper Bollinger Band® is at $77.31, this is a slight indication of a slowdown. Technical analysis of ICE Brent crude's past price action reveals multiple support and resistance levels: Brent crude oil could be slowing down soon as it approaches resistance at $75.27. Of course, crossing it might suggest further gains are ahead.

Notwithstanding Brent crude's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Rallies can also be seen in other Energy, Heating Oil is trading around $2.45 after ending today's session at $2.42 (up 1.56% today). Natural Gas went up by 2.7% today, and closed at $2.77. Notably, Crude Oil rose 0.84% today and closed at $69.86.

Brent crude hit a significant low of $71.96 around 18 days ago, but has since recovered 3.31%.