The oil market received support from the weakening dollar

On Tuesday, January 12, as a result of trading, oil rose 3.24% to $ 83.60. The growth of quotations began with the opening of the Asian session and accelerated after the speech of the head of the US Federal Reserve J. Powell in the Senate Banking Committee. After his speech, the dollar fell in price on all fronts, giving strength to buyers in the oil market. There were no surprises from Powell, so investors reacted positively to his performance.

Data from the American Petroleum Institute (API) over the past week reflected a decrease in oil reserves by 1.077 million barrels (expected -1.9 million), gasoline inventories increased by 10.86 million barrels (expected + 2.4 million), distillate stocks - by 3.035 million barrels (expected +1.8 million).

On Wednesday, January 12, at trading in Asia, Brent crude oil costs $ 83.56 per barrel. The external background is not bad for the oil market. Resistance lies at 85.50. It is also a target for buyers. The technical picture signals a downward correction to 78.50, but it is not known what event will trigger buyers to take profit.