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

Published: January 25 2023, 20:26 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 $86.51 per barrel.

This uncertain state for Brent crude oil 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. 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 $3 (down 25.8 cents). Heating Oil closed at $3.38 (down 1.5%). Crude Oil moves 0.61% to trade around $80.62.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as 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 is now trading 13.18% above the significant low ($76.1) it slumped to a month ago.

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