Oil extends gains after OPEC forecasts

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Oil prices rose around 3.0% on Tuesday as softer than expected CPI data and growing optimism about China's reopening overshadowed the rising number of new covid cases in the world's second biggest economy. At the same time, the Keystone Pipeline that connects fields in Canada to refiners in the US Gulf Coast remained shut, while a report from OPEC showed that the cartel expects world oil demand growth in 2022 to remain at 2.5 million bpd. OPEC forecasts global demand growth in 2023 at 2.2 million bpd per year to average 101.8 million bpd, however this will depend on the successful containment of COVID-19 in China. On the other hand, the cartel warned “As the year 2022 draws to a close, the recent global economic growth slowdown with all its far-reaching implications is becoming quite evident. The year 2023 is expected to remain surrounded by many uncertainties, mandating vigilance and caution".

OIL.WTI bounced off strong support at $73.60 and is currently moving towards major resistance at $76.20, which coincides with 78.6% Fibonacci retracement of the upward wave launched in December 2021. Source: xStation5

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