Oil: buyers cautiously move up

On Thursday, January 27, according to the results of the day, Brent crude oil rose by 0.25% to $89.92. At the American session the price rose to $91.00 after the release of the American statistics.

US GDP in the fourth quarter rose by 6.9%, exceeding market expectations of 5.5%. Quarterly GDP growth was the strongest in more than a year, although orders for durable goods declined for the first time in three months.

US futures rose as data signaled a post-crisis economic recovery, but gains in indices and oil prices were held back by a stronger dollar. Investors are scared by the uncertainty about the number of rate hikes this year and whether the Fed will raise it by 50 basis points at once in March.

On Friday, January 28, a barrel of Brent costs $89.38 at auction in Asia. Buyers are in control of the uptrend and ready to move higher. Upon reaching $93 per barrel, a correction and partial closure of long positions is expected. After the correction and accumulation of strength, buyers will be able to start storming the psychological level of $100 per barrel.