Choose country & language:

Oil price climbs following Powel’s testimony

Home >  Daily Market Digest >  Oil price climbs following Powel’s testimony

Written by:
Myrsini Giannouli

12 January 2022
Share the article

WTI continued its uptrend on Tuesday morning, going as high as $79.7 per barrel, as OPEC+ expects only a small decline in demand due to the spread of the Omicron variance of the Coronavirus and its impact on transportation fuel demand. In addition, Kazakhstan’s president announced yesterday that Russian troops would withdraw from the area, which raises hopes that stability may be restored in a highly important region for the energy sector. 

Following Jerome Powel’s speech later on Tuesday, WTI price climbed further, breaking through the $80.5 per barrel resistance. It is currently testing that resistance and the outlook for oil is bullish. In case the trend is reversed today, support can be found at the $74.3 per barrel level.

Traders should pay special attention to US inflation indicators that are scheduled to be released on Wednesday. Monthly Consumer Price Index and Core CPI, are indicators of overall inflation in the US and are of great importance, as they can help investors gain insight into the Fed’s future monetary policy. Crude Oil Inventories in the US are also going to be released today. These data represent the primary gauge of supply and demand imbalances in the US market, which can lead to changes in production levels and price volatility.

WTI 1hr chart


The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. TopFX does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of TopFX, no reproduction or redistribution of the information provided herein is permitted.

Written by:
Myrsini Giannouli

Share the article:

Latest news

Dollar tumbles as markets anticipate Fed pivot

Myrsini Giannouli 29 November 2023

Gold prices surge as US yields decline

Myrsini Giannouli 29 November 2023

Oil prices rally on anticipated supply cuts

Myrsini Giannouli 29 November 2023

Bitcoin rises above key $38,000 level

Myrsini Giannouli 29 November 2023
Why TopFX
13+ years

industry presence
as a Liquidity Provider

from 0.0 pips

and reliable execution


client funds


customer support

Open your Live Account in 3 Steps
Step 1

Fill in the registration
form and click
"Create account".

Step 2

Once you are in the client secure area, please proceed with uploading your Proof of Identity and Proof of Residence.

Step 3

When your live account is approved, you can deposit funds and start trading on your chosen platform!