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June 23, 2023Brent crude oil recovers back to $74.3 per barrel today after dipping down to $72.1, in a session that follows a previous closing value of $74.14.
ICE Brent crude is currently trading at $74.3 following the release of Services PMI data from the United States.
Uncertainty around ICE Brent crude is reflected by published market data as United States Services PMI released today at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. Crude Oil Inventories in United States fell short of market expectations (329,000) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million. United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.
Technical analysis trend indicators suggest 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. According to asset volatility analysis, Brent crude oil's upper Bollinger Band® is at $78.49 and the lower is $72.28. Following today's trading session, chart analysis suggests Brent crude bounced after reaching the $72.72 support zone, climbing $1.58 above it.
The current technical outlook indicates Brent crude oil will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Natural Gas moves up 4.68% to trade around $2.73. After ending yesterday's session at $2.47, Heating Oil lost 4.58 cents and is trading around $2.42.
Brent crude oil is up 3.03% from the significant low of $71.96 it hit 11 days ago.
