The factors that could increase oil prices in short term
Entry: 78.5-79
TP: 82.83
SL: 77.55
- The ongoing war in Ukraine. The war has disrupted Russian oil exports and led to higher prices. If the war continues or escalates, it could put further upward pressure on oil prices.
- The U.S. Federal Reserve's plans to raise interest rates. Higher interest rates could slow economic growth and reduce demand for oil. However, the Fed is also likely to take steps to cool inflation, which could support oil prices.
- The strength of the global economy. If the global economy grows at a slower pace, it could reduce demand for oil. However, the global economy is still expected to grow in 2023, which could support oil prices.
- The weather. If the weather is colder than usual in the coming months, it could increase demand for oil for heating.
- The policies of OPEC+. OPEC+ is a group of oil-producing countries that have been coordinating their output cuts. If OPEC+ decides to increase its output, it could put downward pressure on oil prices.
Entry: 78.5-79
TP: 82.83
SL: 77.55