The EIA inventory data fell short of expectations, and the hawkish Fed minutes weighed on oil prices

On January 5, NYMEX February crude oil futures (CONG) settled at $77.
85 per barrel, up $0.
86, or 1.
12%, from the previous session, in the trading range of $
76.
50-78.
58.
Analysts at the International Derivatives Think Tank believe that the EIA crude oil inventory released overnight decreased by 2.
144 million barrels, less than the expected -3.
283 million barrels, and the gasoline inventory increased by 10.
128 million barrels, and the impact of Omikron on terminal consumption began to appear, and the overall impact on the market was negative
.
The Nasdaq tumbled more than 3 percent overnight, with a decline in market risk appetite weighing on oil prices
, affected by hawkish Fed minutes.
The current crude oil market generally lacks a very prominent contradiction between supply and demand, so after the recovery of oil prices, the risk gradually increases
.
Specifically, OPEC is optimistic about the demand this year and expects to be more favorable for crude oil, but in the first quarter, the pressure of accumulation will slowly be reflected, and potential bears such as Iranian nuclear negotiations will also hinder
the further upward movement of oil prices.
Short-term oil prices are expected to be dominated by
high volatility.