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March 02, 2023Although ICE Brent crude ended yesterday strong and rose from $84.31 to $85.09, it dropped back today and is now priced at $84.42 per barrel.
New United States Initial Jobless Claims improved upon the previous 192,000 figure while also exceeding analyst expectations with a reading of 190,000.
Uncertainty around ICE Brent crude is reflected by published market data as United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 195,000 and improving upon the previous reading of 192,000. Data for United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected with 1.17 million, but worse than previous figure of 7.65 million. United States ISM Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 47.7, while the previous figure was 47.4.
With regards to technical trend indicators, chart analysis show that the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Asset volatility analysis shows that ICE Brent crude's upper Bollinger Band® is at $86.58, suggesting that a downward move may follow. Following today's trading session, chart analysis suggests Brent crude oil is climbing away and is now $1.47 from the $82.95 support line.
Notwithstanding ICE Brent crude's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen in other Energy as Natural Gas slumps 2.38% to trade around $2.74. Crude Oil trades close to $77.88, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
11 months ago ICE Brent crude reached a significant high of $129.12 but has consequently lost 34.7% since then.
