NYMEX crude oil looks at $82.35
International oil prices rose on Friday, largely driven by a better economic outlook in China, which should boost fuel demand in the world’s second-largest economy. Oil prices were also supported by expectations that the Fed would end its tightening cycle sooner. NYMEX crude oil looks at $82.35.
At 16:18 Beijing time, NYMEX crude oil futures rose 1.04% to $81.45 a barrel; ICE Brent crude futures rose 1.03% to $87.20 a barrel.
China’s November oil demand climbed to its highest level since February, the Joint Organization Data Initiative showed on Thursday (January 19). The Organization of the Petroleum Exporting Countries said on Tuesday (January 17) that China’s oil demand will rebound this year as the reopening of the Chinese economy will boost global growth.
A poll released by foreign media predicts that the Federal Reserve will end its tightening cycle following raising interest rates by 25 basis points at each of the next two policy meetings, and then may keep interest rates unchanged for at least the rest of this year.
“The world’s two largest economies need more crude,” said Edward Moya, senior market analyst at OANDA. The oil market has been falling on global recession fears, but there are still signs it can hold up for longer. Tension.”
Optimism around China and the U.S., with oil traders now likely to be buying the dip, combined with Russia’s oil industry struggling due to sanctions, might tighten energy market supply and demand in 2023.
On the daily chart, NYMEX crude oil started an upward (III) wave trend from US$78.45, and the upper resistance looked at the 38.2% target at US$82.35. The (iii) wave is the sub-wave of the upward ((iii)) wave that started from $72.46, and the ((iii)) is the sub-wave of the upward 1 wave that started from $70.08.