Oil Price Forecast | 23rd 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: 

While the DXY grew stronger overnight, the price of energy kept falling. WTI is currently trading just above the 74.00 price level, and more decline is expected, particularly if the DXY keeps becoming stronger. WTI may trade lower more in order to once again test the 72.50 support level. If the price declined through the round number support of 80.00, Brent might challenge the important support level of 79.00 once more.

Forecast: Weak Bearish