Oil Price Forecast | 15th December 2022

Crude oil is expected to trade at 73.83 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

Essential things that happened recently:

As the main central banks keep raising interest rates, worries about slowing economic growth and the possibility of a worldwide recession grow, which in turn lowers demand for oil globally. With Gazprom stopping one of its engines and the Kremlin claiming that another Nord Stream turbine had “some issues,” the Nord Stream gas pipeline has recently dominated the headlines. Significant energy price volatility is anticipated as the news develops and gas supply uncertainty for Germany and the Eurozone grows.

What was expected to happened on 15th December:

As Energy prices resumed their upward corrective to rise toward their respective near-term resistance levels overnight as the US dollar briefly declined. Following a test and rejection of the 78.00 round number resistance level, WTI is currently trading at 76.73. Watch for WTI to move higher as it approaches the next significant resistance level of 82.00.

Similar to gold, Brent is currently trading at 82.00 after surpassing the resistance level of 81.00, which has since become a support level, and testing the 81.00 price level overnight. With a potential interim resistance level around 86.00, Brent may trade higher into the next significant resistance level of 88.00.