End of rally? After four days of gains, ICE Brent crude is down $1 today

Brent crude oil slides down from $77 to $76 per barrel today, losing $1 (1.3%).

United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.

Brent Crude Oil made an initial break below its 10 day Simple Moving Average at $76.64, a possible indication of a forthcoming negative trend. In contrast, Brent crude could begin to recover as it approaches significant support, now 76 cents away from $75.25. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Brent crude oil to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Brent crude is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other Energy as Crude Oil is down to $72.26, losing 90 cents, after closing at $73.16 in the preceding trading session. Heating Oil is trading around $2.35 (down 2.59 cents).

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1.6 million, following on from the preceding figure of -1.28 million. New data is set to be published tomorrow at 14:30 UTC.

Furthermore, United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.1%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.

After hitting an important low of $72 approximately 6 days ago, Brent crude oil has bounced back 6.97% since.