Oil nears the late-December highs
WTI crude oil is at the highs of the day, up $1.25 to $81.10.All markets are beginning to feel better about global growth in 2023 on hopes that China's reopening and pent-up demand will prevent a hard landing.That runs counter to some recent data -- namely ISM services and today's Empire Fed -- but that's the way the wind is blowing right now.In terms of oil specifically, India and China will be the demand drivers for 2023 but there's a close eye on aviation as well and the latest flying numbers have been solid.Technically, the late-December high of $81.46 is the level to watch while others want to see $85 breaking before declaring the retracement over. There's a bit of an inverted head-and-shoulders patternm targets $98. This article was written by Adam Button at www.forexlive.com.
WTI crude oil is at the highs of the day, up $1.25 to $81.10.
All markets are beginning to feel better about global growth in 2023 on hopes that China's reopening and pent-up demand will prevent a hard landing.
That runs counter to some recent data -- namely ISM services and today's Empire Fed -- but that's the way the wind is blowing right now.
In terms of oil specifically, India and China will be the demand drivers for 2023 but there's a close eye on aviation as well and the latest flying numbers have been solid.
Technically, the late-December high of $81.46 is the level to watch while others want to see $85 breaking before declaring the retracement over. There's a bit of an inverted head-and-shoulders patternm targets $98.
This article was written by Adam Button at www.forexlive.com.
