WTI crude oil prices have registered another weekly gain and have reached their highest price since April. Trading at just $80 dollars will this rally continue until the end of 2023, or are supply/demand factors going to keep it from reaching the highs of last year?
One of the key players in the oil market is the Federal Reserve. Battling the threat of recession, the U.S. central bank has been raising interest rates in an effort to cool down the economy with this dampening the rise in crude oil prices. But many traders seem to think that rate hikes are nearing an end and this could have a bullish effect on prices.
We also have to keep an eye on OPEC and Russia. Saudi Arabia has just cut crude oil production by 1 milion barrels, while Russia’s exports have been reduced. Factors like these have reduced supply and have an uplifting effect on prices, somewhat balancing out the fears of a global economic slowdown.
Where do you think oil prices will be at the end of 2023? Let us know in the comments and make sure to leave a like if you found our crude oil analysis useful.
Chapters:
00:00 Intro
WTI Crude oil news update
WTI crude oil technical chart analysis
Recap
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5 Comments
F**k
Hi Daniela, can you consider doing an analysis on the market volatility index, VIX? I have a feeling that the general market will be due for a significant correction to the downside, including S&P 500, very soon simply by looking at the VIX chart. I am personally finding that, apart from the rising oil price and the strengthening USD, as you said, the VIX chart as well as Fed's relentless push for interest rate rise as well as rapidly decreasing money supply due to falling US Central Bank Balance Sheet – all tell me that my feeling might be right, unfortunately….
watch out the dollar, think crude will be pushing up
Hi team, please assist to assign some RM to guide, buying an selling 🙋♂️🙏🏿🤝
Please water the flowers behind 🙂