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

Published: January 25 2023, 21:16 GMT+0

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

Brent Crude Oil is now trading at $86.45 per barrel after tracing out a steady $85.41 – $87 range today.

This uncertain state for Brent crude oil is reflected by published market data as following a previous reading of 8.41 million, Crude Oil Inventories in United States released today at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual 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. 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 closed at $3 (down 7.55%). Heating Oil is down to $3.37, losing 6.07 cents, after closing at $3.43 in the preceding trading session. Crude Oil trades with no major change, around $80.57.

Moreover, as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2. 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.

Brent crude is up 13.18% from the significant low of $76.1 it hit a month ago.

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