Brent crude oil adds 1.21% within $77.35 – $75.72 daily range

Published: May 27 2023, 08:31 GMT+0

Brent crude oil adds 1.21% within $77.35 – $75.72 daily range

A quick look at yesterday: after ending Thursday at $76.26, Brent Crude Oil went up to $77.35 only to drop back, yet still traded well overall and closed at $77.18 per barrel yesterday.

On the flip side, United States Core Durable Goods Orders fell short of the 0% projections, with new data of -0.2%.

Meanwhile, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.

This rally in Brent crude's price coincides with other Energy as Crude Oil went up by 1.45% yesterday, and closed at $72.87. Heating Oil is trading around $2.38 after ending yesterday's session at $2.35 (up 1.24% today).

While Brent crude is higher so far today, these Energy commodities are underperforming: Natural Gas descends 2.34% yesterday and closed at $2.48.

Brent crude hit a significant low of $72 around 24 days ago, but has since recovered 5.93%.