The price of a barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. from the North Sea for delivery in December, of which it was the last day of quotation, was granted 0,84%has 73,16 dollars.
Le barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.) American with the same maturity has progressed by 0,95%has 69,26 dollars.
The black gold market continued its recovery, which began on Wednesday, after Monday's slump following Israel's air attack on Iran.
The limited scope of this offensive, which focused on military sites, reassured those involved, who feared seeing Iranian oil infrastructure targeted.
“The market has completely evacuated the risk premium associated with the conflict in the Middle East and operators have concluded that this chapter is over“, observed Daniel Ghali of TD Securities in a note.
“But at the very least, this geopolitical balance is fragile“, he tempered.
Mohammad Mohammadi Golpayegani, senior adviser to Iran's Supreme Leader Ayatollah Ali Khamenei, warned Thursday that Iran would respond “in a brutal way” to Israeli strikes, according to the Tasnim news agency.
Furthermore, the market remained under the influence of the report from the American Energy Information Agency (EIA), which highlighted on Wednesday a drop in American stocks while analysts were counting on an increase.
The EIA also noted a surge in demand, whether for gasoline, kerosene, or in industry.
This report was clearly favorable to crude oil prices,”but because the market is afraid of its shadow and the upcoming (US presidential) election, it has only reacted moderately” in the first hours following publication.
Still on the demand side, for John Kilduff, of Again Capital, “we can no longer ignore“the series of measures taken by the Chinese authorities to revive their economy.”They stack them.“
As for supply, stakeholders are now confident in the prospect of a postponement of the production increase of eight members of the OPEC+ alliance.
The Organization of the Petroleum Exporting Countries (OPEC) and their allies in the OPEC+ agreement had decided to gradually lift certain production restrictions from the beginning of December.
According to Reuters, the cartel is now considering postponing this project for at least a month.
However, some observers question the group's ability to continue to hold back barrels, which is eating into its market share.
“The market often reacts quickly to words, but will punish them later” if members of the alliance go beyond their quota, warns John Kilduff.
(c) AFP
Commenter Oil confirms its recovery, less worried about the balance between supply and demand
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