Crude Oil Futures (Feb 2023)

WTI Light Sweet Crude Oil, DAILY Market Analysis 12/30/22

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For Friday, 76.99 can contain selling through next week, above which 88.77 remains a 3 - 5 week objective.

Upside Friday, 81.14 can contain session strength, while closing today above 81.14 indicates 83.96 within 1 - 2 days, where the market can top out through the balance of next week.

A daily settlement above 83.96 would indicate the targeted 88.77 - 89.42 within another full week of activity, able to contain broader market buying pressures through winter.

Downside Friday, breaking/opening below 76.99 allows 76.04, also able to contain selling through next week and the point to settle below for pivoting the market south into later January, long-term support in the 63.95 - 66.28 region then expected within 3 - 5 weeks.

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