The oil market is likely to be volatile this week

Barani Krishnan, senior commodity analyst at uk.
Investing.
com, said there could be some volatility
in the oil market this week, according to the Rig Zone website reported Jan.
9.

He said any bullish news on the economy, or from the markets of Asia's demand-seeking powerhouses, could trigger a $2 to $3 rally
for some time.

But he stressed that the price of Brent crude traded in WTI and London fell by 10% in the first two trading days of the year, "which is at least the worst start to the new year in three decades, based on past data"
.

He added: "Even some oil bulls have been stunned by the sharp drop in the market, even taking into account the worst recessions and fears
.
" "

"At Friday's close, both benchmarks posted their biggest weekly declines in a month, as even supportive U.
S.
December employment data could not sustain the rally
earlier in the day.
" Krishnan continued
.

According to Krishnan, expect 2023 to be a fresh start
for those average bulls.

"But reality shows that until recession fears are completely removed, there is suspense about the chances of oil reaching $100 or even staying above $80 a barrel
," he said.
"

At the time of writing, West Texas Intermediate WTI and Brent oil prices are $76.
28 and $
81.
02 per barrel, respectively.
Both commodities closed well above $120 a barrel in June 2022 before steadily falling below $80 per barrel in December 2022
.