Oil Price Forecast | 22nd February 2023

Oil

Key news events to watch out for today:

No Key News Events 

Important things that happened recently:

Crude oil prices are expected to rise in 2023. With China reopening, oil demand looks set to exceed 2019 levels and hit a record high. Russian oil production should fall in 2023 due to the European Union’s embargo on Russian crude. To maintain market balance, OPEC+ is expected to ease their production cuts once again in 2023 and provide more barrels to the market to cover rising oil demand amid reduced Russian production.

What we can expect today: 

Since the WTI price dropped to $76.00 overnight, energy prices decreased. While more decline may be in store, keep an eye out for a potential uptick at the 75.00 immediate support level. The next important resistance level is around 84.00. In a similar vein, Brent dropped to trade towards the 82.00 price level, with current price activity indicating additional upward potential.

Forecast: Weak Bullish