Brent close to $90 a barrel

On Tuesday, January 18, trading in oil closed with growth. A barrel of Brent rose 2.19% to $88.44. The focus was on geopolitical tensions following the attack on an oil facility in Abu Dhabi. A Houthi drone attack on the UAE has again raised concerns about potential disruptions to supplies in the region.

The Organization of the Petroleum Exporting Countries (OPEC) left unchanged its forecast for oil demand growth in 2021 and 2022 at 5.7 million barrels per day (b/d) and 4.2 million b/d, respectively, by against the backdrop of a moderate global economic recovery. This follows from the organization's January report.

On Wednesday, January 19, at auction in Asia, Brent crude costs 88.55. For oil, the nearest target level is $93. The price without deep pullbacks has been growing for 22 trading days. During this time, oil has risen in price by 28.5%. A downward correction can start at any moment. Traders understand this and partially cover long positions on growth. Today's target is $90.