Commodities Analysis by MarketPulse (Zain Vawda) covering: US Dollar Index Futures, Brent Oil Futures, Crude Oil WTI Futures. Read MarketPulse (Zain Vawda)'s latest article on Investing.com
Oil prices have started 2025 strong, defying expectations of a downturn fueled by worries about slowing demand.
This could have contributed to the rise in Oil prices at the start of the week. Incoming President Donald Trump said he will immediately reverse such a move when he takes office, however, this does not appear to have dampened the move. This week’s inventory data from the API on January 7, showed U.S. crude oil supplies dropped by 4 million barrels, and stocks at Cushing, Oklahoma, fell by 3.1 million barrels. At the same time, gasoline and distillate supplies went up.
Looking at the technicals and a rally from here toward recent highs at 78.157. A break of this opening up a retest of the psychological 80.00 mark.
Brent Oil Futures Crude Oil WTI Futures
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