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February 28, 2023
While Brent crude oil has been trading flat for 5 days, Todays session shows some improvement: after closing the previous trading day at $82.45, Brent crude is up to $83 per barrel, which makes for a move of 0.69%/55 cents today.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5 (previous figure was 107.1).
Uptick comes while some more positive signs for Brent crude oil are out as data for United States Pending Home Sales published yesterday at 15:00 UTC came out at 8.1%, beating projections of 1% and showing improvement over the preceding figure of 1.1%. Data for United States Core Durable Goods Orders published yesterday at 13:30 UTC came out at 0.7%, beating projections of 0.1% and showing improvement over the preceding figure of -0.4%.
Meanwhile, following a previous reading of 5.1%, Core Durable Goods Orders in United States released yesterday at 13:30 UTC fell short of the -4% figure expected by analysts with an actual reading of -4.5%.
Brent Crude Oil's lower Bollinger Band® is at $80.67, indicating that the market is oversold and fertile for new buyers.
Overall, looking at the technical analysis landscape, it seems Brent crude oil might continue pointing upwards in the short term.
Rallies can also be seen in other Energy, Crude Oil is up 1.26%.
Moreover, macro data could boost sentiment further as United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC.
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with 440,000 while previous data was 7.65 million; data will be released tomorrow at 15:30 UTC.
The market is looking forward to the release of new data: United States ISM Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
ICE Brent crude is now trading 36.14% below the significant high of $129.12 it set around 11 months ago.
