It was reported on January 28 Investing.com Reported that the dollar rebounded, Brent (Brent) crude oil and West Texas Intermediate crude oil (WTI) prices fell slightly, which may be due to lower than expected U.S. official crude oil inventories limit the loss. Brent crude fell 0.84% to $55.55/barrel, while West Texas Intermediate crude fell 0.24% to $52.60/barrel. Both contracts remain unchanged in the Asian market.

On Thursday, oil prices rebounded rapidly from intraday lows, suggesting that there is still a lot of interest in spot buying even at current levels. This is consistent with the economic recovery in Asia and its correlation with the current high price of natural gas in Asia. If the US dollar continues to rise, the tension over the pace of US economic recovery intensifies, and the stock market falls further, then oil prices will face further downward pressure. However, the current trend of oil prices shows that any sharp decline will be short-lived.

Brent crude’s resistance level was US $56.60 and US $57.40 per barrel, while its support level was US $54.50 per barrel. WTI’s resistance level was US $54.00 per barrel and support level was US $51.60 per barrel.

Although the stock market and gold prices fell, in the face of a stronger US dollar, gold prices did not fall much. This morning, gold prices fell only 0.34% to $1844.50 an ounce, while Asian gold prices fell 0.53% to $1837.60 an ounce.

However, bullish traders can gain some confidence from the price movements of the past 24 hours. In the face of a sharp fall in the stock market, gold performed better overnight than it has for many months. This shows that gold is benefiting from some safe haven demand, driven by a small decline in US yields.