Oil Posts Its Strongest January in Decades as Market Tightens

Futures curve points to scarcity of supply and strong demand
OPEC+ alliance to meet Wednesday to assess the market

WATCH: Chevron Chairman and CEO Mike Wirth discusses 4Q results, the potential for triple-digit oil prices, and the company’s approach to M&A.Source: Bloomberg

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By Julia Fanzeres

January 30, 2022 at 11:42 PM UTC

Updated on

January 31, 2022 at 8:16 PM UTC

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Oil had its biggest January gain in at least 30 years as robust demand outpaced fresh supply.

The global benchmark settled above $91 a barrel, posting a 17% gain this month. The combination of booming demand, scratchy supply and dwindling stockpiles has helped crude soar this month, with top banks and oil companies saying prices may soon pass $100 a barrel.