Oil prices took speed Tuesday thanks to a technical rebound after the fall in the day before caused by OPEC+, the prospect of a demand for fuel up as summer also supporting prices. The price of the barrel of Brent from the North Sea, for delivery in July, gained 3.19% to 62.15 dollars. Its American equivalent, a barrel of West Texas Intermediate, for delivery in June, jumped 3.43% to 59.09 dollars.
The announcement by the organization of oil exporting countries and its allies (OPEC+) of an acceleration of the return of its barrels to the market “Frightened the operators yesterday”making the courses of the crude fall, explains to AFP Robert Yawger, of Mizuho USA. Saudi Arabia, alongside Russia and six other OPEC+members, will get out of the ground 411,000 more barrels per day in June, as in May, according to a press release published on Saturday, while the initial plan provided for an increase of only 137,000 barrels. Reacting to this announcement on Monday, oil has approached its lowest level since 2021.
The weakening demand because of the economic prospects combined by the trade war launched by Donald Trump, and the abundant supply with the opening of the valves by the OPEC+, have made prices strongly drop since the beginning of the year. But low oil prices push operators to buy on Tuesday, and “We observe a new momentum today” On the market, notes Mr. Yawger.
In addition, some speculative buyers “Take a positive announcement in terms of commercial negotiations in the coming days (…) for example with one of our main business partners for oil, such as Japan, Canada or a European Union country”he adds.
Oil is also supported by petrol demand, which has been “Rather positive” In the United States in recent weeks, the analyst said. “From the moment when the request for petrol is important, you must send crude in refineries to produce it”summarizes Mr. Yawger. The market will thus scrutinize the publication of the weekly report of the American Energy Information Agency (EIA) on Wednesday, to see if the trend is confirmed. “The operators hope that petrol demand will be maintained (…) until summer”period when fuel consumption is important, he concludes.
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