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Oil Price Forecast | 16th March 2023

Oil

Key News Events

No major news events.

Oil Outlook

The actual crude oil inventories for the current period stand at 1.6M barrels, which is higher than the forecasted 1.3M barrels and lower than the previous -1.7M barrels. This increase in inventories could signal lower demand, potentially leading to a decline in oil prices as supply exceeds demand. Market participants will closely monitor these inventory levels and other factors that may influence oil prices, such as geopolitical events and global economic conditions.

Next 24 Hours Bias

Bearish

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