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

Published: January 25 2023, 19:00 GMT+0

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

Without a clear-cut direction, Brent Crude Oil is trading around $86.38 per barrel and ranging between $85.41 and $87.

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 Natural Gas is trading around $3.09 (down 17 cents). After ending yesterday's session at $3.43, Heating Oil lost 6.72 cents and is trading around $3.36. Crude Oil moves 0.57% to trade around $80.59.

Furthermore, the market is looking at tomorrow at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. United States GDP projected to decline to 2.6 while previous data was 3.2; data will be released tomorrow at 13:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 190,000. New data is set to be published tomorrow at 13:30 UTC.

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

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