Oil prices rise moderately ahead of statistics on stocks in US

Global oil prices rose moderately on January 25 morning, Report informs referring to the auction data.

Prices are stabilizing after falling almost 2% a day earlier, while markets expect weekly statistics on US oil inventories.

The price of March futures for Brent crude rose by 0.29% to $86.38 per barrel, March futures for WTI grew by 0.22% to $80.31.

On January 24, oil fell within 2% on fears of a recession that could hit demand.

Later on January 25, investors are also waiting for official statistics from the US Department of Energy on weekly commercial oil inventories in the country. Analysts forecast an increase in stocks for the week to January 20 by about 1 million barrels. At the same time, on January 25 night, the American Petroleum Institute (API) reported that inventories rose by 3.4 million barrels over this period.

Markets are also following OPEC+ measures to stabilize the oil market.