Mixed sentiment sees Brent crude ending the day broadly flat; establishes tight $85.41 to $87 range

Published: January 25 2023, 20:35 GMT+0

Mixed sentiment sees Brent crude ending the day broadly flat; establishes tight $85.41 to $87 range

Brent Crude Oil is now trading at $86.48 per barrel after tracing out a steady $85.41 – $87 range today.

Uncertainty around Brent crude is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000. United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories came out at 4.27 million.

Meanwhile, mixed performances are seen in other Energy as after ending yesterday's session at $3.26, Natural Gas lost 23.8 cents and is trading around $3.02. Heating Oil is trading around $3.37 (down 6.15 cents). Crude Oil moves 0.56% to trade around $80.58.

Furthermore, the market is looking at United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

ICE Brent crude hit a significant low of $76.1 around a month ago, but has since recovered 13.18%.

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