Friday at a glance: Brent crude oil draws back 1.28% to close at $75 per barrel Friday.
Bollinger Bands® shows an indication of recovery: the lower band is at $73.83, a low enough level to, generally, suggest that Brent Crude Oil is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems ICE Brent crude —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Brent crude's value drop coincided with the fact that Natural Gas lost 3.83% Friday and closed at $2.35. Crude Oil lost 1.32% Friday and closed at $71.29. Heating Oil is down to $2.36, losing 2.56 cents, after ending the previous session around $2.39.
ICE Brent crude is trading 38.12% lower compared to the $121.77 high it reached over the past year.