WTI recovers above $78 on upbeat IEA’s oil market report

Dhwani Mehta FXStreet

In its latest oil market report published on Wednesday, the International Energy Agency (IEA) said that China reopening will drive oil demand in 2023 but still deficit could loom.

Additional takeaways

Russian oil exports to the EU declined 450,000 bpd in Jan.

Russian crude exports increased in Jan by nearly 300,000 MoM.

Russian oil output in jan was down only 160,000 bpd from pre-war levels.

Global oil output set to rise 1.2 mln bpd in 2023, driven by non-OPEC+ producers.

Uptick in air traffic emphasises central role of jet fuel in 2023 demand growth.

Supply-demand balance could quickly shift to deficit as demand recovers, some Russian output shut in.

World oil supply looks set to exceed demand through the first half of 2023.

China set to account for 900,000 bpd of 2023 oil demand growth after COVID-19 reopening.

Global oil demand is set to rise by 2 mln bpd in 2023, to 101.9 mln bpd.

Market reaction

WTI is cutting losses from near daily lows of $77.84 to regain the $78 mark, in the wake of the upbeat IEA’s outlook on global oil demand. The US oil is still down 1.65% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD eyes nine-day EMA barrier after rebounding from 1.1600

EUR/USD gains ground after registering modest losses in the previous session, trading around 1.1620 during the Asian hours on Friday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.

GBP/USD: Pound Sterling ticks up against US Dollar in countdown to US NFP

The Pound Sterling trades marginally higher to near 1.3365 against the US Dollar during the Asian trading session on Friday. The GBP/USD pair edges up as the US Dollar ticks down ahead of the United States Nonfarm Payrolls data for February, which will be published at 13:30 GMT.

Gold awaits US Nonfarm Payrolls for a clear directional impetus

Gold rebounds above $5,100 early Friday after testing the $5,050 level amid global sell-off. The US Dollar pulls back as profit-taking creeps in ahead of US labor data. For February. 21-day SMA holds amid bullish RSI; a daily closing above 61.8% Fibo is critical for Gold buyers.

Top Crypto Gainers: Lombard, Humanity Protocol, OKB rally on US Fed’s tokenized securities clarity, NYSE investment

Lombard, Humanity Protocol, and OKB rally over the last 24 hours, securing the top-gainer spots in the early Asian session. The US Federal Reserve issued clarity on tokenized securities, which expands its utility and reduces regulatory friction with US banks, driving the Real-World Assets tokenization crypto projects.

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.