Rising momentum falls back International oil prices fell on December 28

Oil prices fell back after failing to hit important technical thresholds, and international crude oil futures prices consolidated weakly in the overnight market, falling significantly in early trading on December 28, and then rising in shock, and international oil prices fell
at the close.

Light crude futures for February 2023 delivery fell $0.
57, or 0.
72%,
to settle at $78.
96 a barrel on the New York Mercantile Exchange by the close of the day.
London Brent crude futures for February 2023 delivery fell $1.
07, or 1.
27%, to settle at $83.
26 a barrel
.

New York oil prices briefly rose above $80 per barrel on the 27th and then retreated, and failed to touch this key point on the 28th, and the momentum of oil prices fell
back.

FXEmpire analyst Christopher ? Christopher Lewis said that oil prices fell again on the 28th, and it looks like the 50-day moving average will become resistance
.
A huge slowdown in the global economy is still expected, which has a significant impact
on crude oil.
Liquidity has also been greatly affected
during the holiday season.

UBS Oil Analyst Giovanni? Giovanni Staunovo believes that the overall risk aversion has weighed on oil prices amid a lack of market
liquidity.

Rafi, Senior Investment Analyst at Trading Point Holdings? Raffi Boyadjian said a stronger dollar and doubts about how quickly demand will recover after China eases containment measures weighed on oil and other commodity prices on the day
.

Craig, Senior Market Analyst at Chubb Craig Erlam said oil prices have risen strongly over the past few weeks, and while gains have narrowed on the day, the market's narrative remains unchanged
.
There are significant uncertainties and risk factors for higher oil prices in 2023, including the reopening of the Chinese economy, lower production in Russia and further OPEC+ production
cuts.

Analysts believe U.
S.
commercial crude inventories fell by 3 million barrels month-on-month last week, while gasoline and distillates are expected to fall by 2.
2 million barrels and 800,000 barrels
, respectively, according to survey data released by S&P Global on the same day.
The average U.
S.
refinery run rate last week is expected to fall 1.
2 percentage points month-on-month to 89.
7 percent
.

FXEmpire market analyst Vladimir ? Vladimir Zernov said on the same day that Russian oil exports should not suffer a strong blow in 2023, which is negative for the oil market
.
Recessions in developed countries remain the main risk
to oil prices.
After the first few months of 2023, Chinese demand is likely to grow significantly and will provide strong support
to the oil market in the second half of the year.