Oil: buyers take a break

On Monday, January 11, oil trading ended in decline. A barrel of Brent fell 0.89% to $ 80.98. The decline in quotes is seen as a technical pullback from last week's high of $ 82.96. Since December 20, the price has risen by 19.7%, so the more the growth, the higher the likelihood of deep and prolonged corrections.

The focus of traders is on the US consumer inflation data (on Wednesday), which may have an impact on the Fed's monetary policy expectations (the prospects for a rate hike in March).

In some areas of the Chinese city of Tianjin, local authorities have introduced a full lockdown due to outbreaks of coronavirus infection. Market participants are concerned about the lockdown in China associated with the spread of the Omicron strain, which will have an impact on Q1 economic performance and oil demand.

On Tuesday, January 11, at trading in Asia, Brent crude oil costs $ 81.18 per barrel. Oil correction may drag on until Thursday. Support is the level 79.85. If buyers fail to protect it in the coming days, the fall will accelerate to 77.90. For buyers, the target remains at $ 83.50