Risk-off mood drags ICE Brent crude 2.9% lower

Yesterday at a glance: ICE Brent crude ended yesterday at $72.53 per barrel following from closing Thursday at $74.7. Overall, this represents a loss of $2.17 or 2.9%.

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. A crossing of the lower Bollinger Band® at $77.17 suggests further losses may follow for Brent crude. In contrast, the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains.

Looking forward, Brent crude is poised to extend its strong downtrend and continue declining.

Brent crude oil's value drop coincided with the fact that Natural Gas is down to $2.35, losing 16.4 cents, after ending the previous session around $2.51. Crude Oil lost 2.94% yesterday and closed at $68.35.

Though ICE Brent crude has been dropping, other Energy have been performing better: Heating Oil is trading around $2.68 after ending yesterday's session at $2.64 (up 1.35% today).

9 months ago Brent crude reached a significant high of $123.6 but has consequently lost 39.56% since then.