Oil: buyers failed to gain a foothold above $90

On Monday, January 27, oil trading ended with growth. A barrel of Brent oil rose 2.08% to 89.70. The price rose to $90.43 and retreated from the high after the press conference of J. Powell.

According to the data provided by the US Department of Energy, oil reserves in the US last week increased by 2.38 million barrels, to 416.19 million barrels (the forecast was +1 million barrels). Gasoline inventories increased by 1.3 million barrels to 247.92 million barrels (forecast was +1.9 million barrels), distillate inventories decreased by 2.8 million barrels to 125.15 million barrels (forecast was -1.18 million barrels).

On Thursday, January 27, at auction in Asia, Brent oil fell to $89 per barrel. After Powell's speech, futures for US indices went into the red (losses of more than 1.3%). The dollar is strengthening on all fronts. Risk aversion is putting pressure on all risky assets, including the oil market. If the correction in stock indices intensifies, then we should expect a correction in oil. We watch the level of 86.65. Its loss will lead to a decrease in quotes to $83.