Boosted by the weakening of the dollar, oil prices had a sixth positive session in a row on Thursday, January 12, 2022.

The US West Texas Intermediate (WTI) barrel, due in February, rose 1.26% to $78.39, while the North Sea Brent barrel for delivery in March gained 1.64%, closing at $84.03. For its part, WTI reached its highest closing level since the start of the year on Thursday. Traders are confronted with the idea that inflation was on a downward slope and that the US central bank's cycle of rate hikes would soon come to an end.

Robert Yawger of Mizuho recalled that “the weaker the dollar, the more it takes to buy a barrel of crude,” as most contracts are denominated in greenbacks. According to him, this is what is driving prices up.