Oil prices are moderately declining on the last day of January, showing a minimum of fluctuations and being within the sideways range of $81.90 – 82.40 per barrel. Despite the local decline, the oil market ends the month with growth, which occurred for the first time since September, mainly due to tensions in the Middle East. In January, oil prices rose by more than 7% due to Houthi attacks on ships in the Red Sea and retaliatory measures by the United States and its allies. The current price of Brent oil is $82.28 per barrel. North American WTI crude is trading at $77.56. This week, the market was also supported by news about the death of three American soldiers as a result of a drone attack on a US base in Jordan, which raised traders' fears about a possible sharp response from Washington. US President Joe Biden said he had made a decision on the response to this attack. At the same time, he stressed that the United States does not seek a big conflict. In general, at the moment the situation in the Middle East remains a significant risk to the global oil market, and further steps by the United States will have a significant impact on the further dynamics of the «black gold».
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