Oil: buyers are ready to continue the upward movement

On Tuesday, January 25, oil trading ended with an increase. A barrel of Brent rose 0.89% to $87.88. The oil market is supported by concerns about possible disruptions in oil supplies from the Middle East and Eastern Europe due to the tense situation around Ukraine.

The American Petroleum Institute (API) reported a decrease in US oil inventories by 0.872 million barrels over the past week. Gasoline inventories increased by 2.4 million barrels. Distillate inventories fell by 2.2 million barrels. On Wednesday, the US Department of Energy will present data on oil reserves. Crude oil inventories are expected to drop by 2.1 million barrels.

On Wednesday, January 26, at auction in Asia, Brent oil rose by 0.08% to $87.95. Buyers have defended the $85 level and are ready to resume moving towards the $93 level. Sharp fluctuations on all trading floors are expected at 21:30 Kiev time during the speech of the head of the US Federal Reserve, J. Powell. He should clarify the situation on the further steps of the Central Bank to fight inflation.