Oil: buyers headed for $100 per barrel

On Friday, January 14, oil trading ended with growth. A barrel of Brent rose 2.85% to $86.45. The market has fully recovered the losses it suffered during the pandemic, returning to the October 2018 high of $86.71.

The increase in the incidence of the Omicron strain did not lead to new lockdowns and a decrease in economic activity. The level of $100 per barrel appeared on the radar of buyers. If the current rate of price increase ($0.65 a day) continues, the $100 mark will be reached by Valentine's Day on February 14th.

On Monday, January 17, at auction in Asia, a barrel of Brent costs $86.13. After the breakdown of the resistance of $87, the intermediate target will be the level of $92.50 per barrel. Here we should expect the development of technical levels by speculators.