Oil: Private survey of inventory shows a headline crude oil than expected

January 13, 2026
-FXnews

Venezuela exports

In brief:

Oil settles at seven-week highs, extending mid-January rally
Iran export risks support prices amid protest crackdown
Venezuela supply return caps upside
Russia, Azerbaijan add background supply risk
Volatility dominates despite surplus outlook

Oil climbed as Iran-related supply risks outweighed expectations of returning Venezuelan barrels, gains seen since mid-last week.

SO far the tensions surrounding Iran are winning out, supporting oil prices.

In the chart at the top of this post I added a ‘resistance’ line based on just an eyeballing of the daily candles cahrt. I suspect that, at the lest, we’ll have some price work to do before it can head too much higher. If Trump launches an attack against Iran, which seems likely given he going backwards on domestic policy and popularity (attacking someone is about all he is able to get done right now), that should be enough for a renewed pop higher

Oil: Private survey of inventory shows a headline crude oil than expected

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