Technical analysis of WTI crude oil
Crude oil rose following the Federal Reserve's pivot and strikes in the Red Sea in the final week of December as the market worried about another inflationary stimulus due to higher demand from easing financial conditions and supply disruptions.
These fears were allayed by the United States setting up a multinational task force to protect Red Sea trade.
Also, the market continues to focus on demand and the risk of recession in 2024.
Oil prices rose yesterday after protests halted production at Libya's largest oil field. The weighted percentage of Libya's impact on the oil market is so much, so the focus will remain on economic data and the situation in the Red Sea.
The next movement of oil is towards 82
OR
65 $ ???
Crude oil rose following the Federal Reserve's pivot and strikes in the Red Sea in the final week of December as the market worried about another inflationary stimulus due to higher demand from easing financial conditions and supply disruptions.
These fears were allayed by the United States setting up a multinational task force to protect Red Sea trade.
Also, the market continues to focus on demand and the risk of recession in 2024.
Oil prices rose yesterday after protests halted production at Libya's largest oil field. The weighted percentage of Libya's impact on the oil market is so much, so the focus will remain on economic data and the situation in the Red Sea.
The next movement of oil is towards 82
OR
65 $ ???