Oil nears strongest month in 2.5 years

Oil prices are heading for the largest monthly increase in percentage terms since July 2023, writes Reuters. Brent oil Mark may grow by about 12% by the end of January, WTI - by 10%, the agency notes.

January 28, oil quotations have already updated the maximum since late September last year after the winter storm disrupted the production of raw materials in the United States. Additional support for the market was provided by a weak dollar and ongoing supply disruptions from Kazakhstan, notes Reuters.

Brent futures rose by 1.2% to $67.4 per barrel during trading on Wednesday, then they slightly corrected and at the time of publication are trading in the plus by 0.74%. American oil Mark WTI in turn added about 1.5%, - to $63.3 per barrel.

Meanwhile, the U.S. dollar is trading near four-year lows against a basket of major currencies, the agency notes. At the same time, the Swiss franc strengthened against the U.S. dollar to the maximum level for more than a decade, writes the Financial Times (FT). Since the beginning of the year, the Swiss currency has already added more than 3%, rising to a level above 0.77 francs per dollar - after growing by 14% last year. Political risks are forcing investors to look for alternatives to the U.S. currency, notes the FT.

The day before, US President Donald Trump was asked if he was worried about the falling dollar, to which he replied, "No, I think it's great". "Look at the business we're doing. The dollar is doing great," he said with conviction. Amid these statements, gold prices broke through another all-time high on January 28, reaching $5300 an ounce.

This article was AI-translated and verified by a human editor