Mixed sentiment sees Brent crude ending the day broadly flat; establishes tight $77.68 to $78.18 range

Brent crude trades at $78 per barrel, after ending yesterday at $77.72.

United States GDP is next today at 12:30 UTC.

This uncertain state for Brent crude oil is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of -1.49 million with a reading of -5 million. Data for United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at 0.3%, beating projections of -0.2% and showing improvement over the preceding figure of -0.3%. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Brent crude oil's upper Bollinger Band® is at $88.96 and the lower is $78.27.

With market volatility ebbing, the current technical outlook indicates Brent crude oil will remain range-bound for the immediate future.

Meanwhile, mixed performances are seen in other Energy as Crude Oil moves 0.27% to trade around $74.5.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Pending Home Sales data is projected to fall short of market expectations with newly published data of 0.5%, following on from the preceding figure of 0.8%. New data is set to be published today at 14:00 UTC. United States GDP expected to decline to two while its preceding data was 2.6, data will be available today at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 248,000 from the preceding figure of 245,000.

10 months ago ICE Brent crude reached a significant high of $123.6 but has consequently lost 37.12% since then.