At Year’s End, No Quick Fix For Oil Oil News and Market Movers: A year in red thanks to OPEC Oil Technical Analysis: Geopolitics to dominate in 2023

Oil prices are trying to recover a little bit with support coming in ahead of the very last US trading session for 2023. One thing that becomes very clear for this year, is that the OPEC+ mismanagement and internal struggle has had a negative effect on the oil prices. For 2023 both Brent and WTI are due to close with an overall negative performance of -10% for 2023, despite the heigthened geopoltical stakes. The US Dollar (USD) meanwhile is back in green numbers on this very last trading day of 2023, adding a bearish bias to Dollar-denominated Oil. The turnaround comes on the back of still steady tight Jobless Claims in the US in both the continuing and initial Claims. This is reining in rampant interest-rate cutting speculation. Meanwhile traders are cleaning up their trading sheets and are closing their US Dollar short positions, which is triggering a demand of the Greenback in order to close off those positions. Crude Oil (WTI) trades at $72.62 per barrel, and Brent Oil trades at $77.84 per barrel at the time of writing. Oil News and Market Movers: A year in red thanks to OPEC

Oil Technical Analysis: Geopolitics to dominate in 2023Oil prices were unable to jump higher after the biggest drawdown of the US stockpile since August. The fact that Oil cannot advance even on such a chunky decline with the knowledge that the reserve needs to be refilled again, means that markets are more concerned about Saudi Arabia. The fact that the country, one of the OPEC+ countries which bears supply cuts, is selling Crude at a discount, means that OPEC+ is losing further control and grip on the Oil market. On the upside, $74 is still holding some importance, although the level has become very chopped up. Once back above there, $80 comes into the picture. Although still far off, $84 is next on the topside once Oil sees a few daily closes above the $80 level. Below $74, the $67 level could still come into play as the next support level to trade at as it aligns with a triple bottom from June. Should that triple bottom break, a new low for 2023 could be close at $64.35 – the low of May and March – as the last line of defence. Although still quite far off, $57.45 is worth mentioning as the next level to keep an eye on if prices fall sharply. US WTI Crude Oil: Daily ChartMore By This Author:USD/CAD Recovers Further To Near 1.3260 As U.S. Dollar Rebounds AUD/USD Extends Its Reversal Below 0.6800 As The US Dollar Trims Losses WTI Remains On The Defensive Above $72.00 Amid The Holiday Season’s Thin Trading