Oil Price Forecast | 24th 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: 

With the announcement that Russia intends to reduce its oil supplies to clients in Europe and the Atlantic, energy prices moved marginally higher. WTI and Brent did trade higher, but prices are likely to reverse course and keep falling. Watch for WTI to trade lower to the 74.00 price level and for Brent to retest the 80.00 level, which acts as a short-term support level.

Forecast: Weak Bearish