OPEC+ countries are likely to leave oil production quotas unchanged at the meeting on February 1. It is driven by the fact that China is balancing between hopes for higher demand and concerns about inflation and the global economic downturn.

WTI oil increased after Tuesday's 2% fall. It happened because the mixed earrings and weakening business activity caused fear of a possible slowdown of the U.S. economy.

On Wednesday, January 25, gold prices stabilized at their highest level in nine months. Increased demand for the precious metal as well as a corresponding rise in prices were caused by fears of a recession.

Stock of crude oil and petroleum products, as well as the production of gasoline and distillates are on the agenda.

On Monday, gold was stabilized ahead of new data release in the U.S. This updated info will gauge whether the world's largest economy could face a potential recession in 2023.

The precious metal growth has reached more than 5% since the beginning of the year. However, according to industry experts, some consolidation is possible before the Fed meeting in February.

The first Federal Open Market Committee (FOMC) meeting in 2023 is set to conclude on February 1. Analysts predict that the regulator is likely to slow the pace of interest rate hikes. Thus, the rate could rise by 25 basis points.

The focus is on the data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold and silver.

The market's expectations of a decline in crude stocks were refuted. On Wednesday, trade group API reported last week's increase in U.S. crude inventories. The gain amounted to several million barrels.

On the agenda, on January 18, is IEA Monthly Report. On January 19, stocks of crude oil and petroleum products, data on natural gas reserves, as well as the production of gasoline and distillates are in the spotlight.