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

Published: January 25 2023, 20:21 GMT+0

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

A mostly flat day so far for Brent Crude Oil, ranging between $85.41 and $87; currently at $86.53 per barrel.

ICE Brent crude's state is reflected by 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 today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Meanwhile, mixed performances are seen in other Energy as Natural Gas drops 7.43% to trade around $3. Heating Oil is trading around $3.38 (down 4.88 cents). Crude Oil trades around $80.63, with no major change.

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. 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.

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

Back