Chart of the day - OIL (31.01.2022)

Brent price (OIL) has once again tested $90 per barrel area during Asian trading session earlier today. Bulls failed to break above and price pulled back slightly. However, crude is still one its way for the best January in at least 30 years with a month-to-date gain of around 17%. Fundamentals are supporting higher prices with Covid pandemic receding and oil producers being unable to quickly boost supply to meet increased demand. Oil stockpiles remain low which is also providing support for prices. Potential Russia-Ukraine military conflict would also be negative for energy supplies and could exert upward pressure on prices of oil and, especially, natural gas.

Taking a look at the OIL chart at D1 interval, we can see that oil price has been trading in a steep upward channel since the late-December 2021 with Brent price jumping from $70 to $90. The nearest resistance level to watch is marked with 127.2% exterior retracement of the October-November 2021 downward move ($91.65). The next resistance to watch - upper limit of the upward channel - can be found at $94.00.

Source: xStation5

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