Mixed sentiment sees Brent crude oil ending the day broadly flat; establishes tight $86.13 to $86.32 range

Published: January 25 2023, 23:35 GMT+0

Mixed sentiment sees Brent crude oil ending the day broadly flat; establishes tight $86.13 to $86.32 range

Brent Crude Oil is now trading at $86.16 per barrel after tracing out a steady $86.13 – $86.32 range today.

Uncertainty around ICE Brent crude is reflected by published market data as United States Crude Oil Inventories published today at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure. 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 is down 10.4 cents from the beginning of the session and now trades around $2.96. Crude Oil trades close to $80.41, with no major change.

Moreover, projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP projected to decline to 2.6 while previous data was 3.2; data will be released 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 is up 13.17% from the significant low of $76.1 it hit a month ago.

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