Mixed sentiment sees Brent crude ending the day broadly flat; establishes tight $86.13 to $86.43 range

Published: January 26 2023, 02:35 GMT+0

Mixed sentiment sees Brent crude ending the day broadly flat; establishes tight $86.13 to $86.43 range

Without a clear-cut direction, Brent Crude Oil is trading around $86.2 per barrel and ranging between $86.13 and $86.43.

This uncertain state for Brent crude is reflected by published market data as Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million. United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

Meanwhile, mixed performances are seen in other Energy as Natural Gas is trading around $2.93 (down 13.3 cents). Crude Oil moves 0.45% to trade around $80.51.

Furthermore, the market is looking at United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released today at 13:30 UTC. United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC. United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.

Brent crude oil hit a significant low of $76.1 around a month ago, but has since recovered 13.17%.

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