Oil is trading at highs

On Friday, January 21, at the end of the day, a barrel of Brent rose by 0.49% to 87.65. Despite the strengthening of the dollar and the collapse of stock indices, the demand for oil remains high. It is supported by a decrease in oil reserves in the United States, as well as constant statements by the US State Department that hostilities may begin between Russia and Ukraine.

Foreign experts estimate a reduction in supply by 2.3 million barrels per day in the event of war. At the same time, statements by Foreign Minister Lavrov that Russia is not going to attack anyone are ignored.

On Monday, January 24, at auction in Asia, a barrel of Brent costs $88.52. Significant declines in infections in the UK, US and China hint at an easing of Omicron's fears, supporting buyers. For Brent, the target remains at the levels: $93 and $100.

The focus of the meeting of the US Federal Reserve. The Central Bank will announce its decision on monetary policy on Wednesday. Increased volatility is expected in all markets.