Oil prices are experiencing a relative increase and are approaching their highest level of the current year. Indeed, black gold prices benefit from growing geopolitical tensions in the Middle East and fears of a larger-scale war in this region.
It must also be said that the markets’ renewed confidence in oil is also due to forecasts of increased demand for the summer season. This Wednesday, June 26, even the West Texas Intermediate (WTI) exceeded the symbolic bar of 80 euros. Indeed, the price of a barrel of Brent from the North Sea, the benchmark for Algerian oil, fell to 84.69 dollars. As for its American equivalent, it is displayed at $81.09 per barrel.
This increase in oil prices is therefore linked to several economic and geopolitical factors. The markets are regaining confidence in this energy in an environment marked by tensions in the Middle East. For John Plassard, analyst at Mirabaud “ oil prices remain near two-month highs due to escalating geopolitical tensions and expected surge in summer demand ».
Oil prices rise despite increase in US inventory
It should also be noted that the situation in the Middle East is under the microscope of investors, even if analysts continue to point out that for the moment, no significant disruption in supply coming from the region can be reported. Thus, “the most immediate concern is the latest estimate of oil stocks in the United States by the United States Energy Information Administration (EIA),” says Tamas Varga, analyst at PVM Energy.
This data could impact oil markets and push prices up or down. Indeed, on Tuesday, the American federation of industry professionals reported an increase in commercial crude reserves of about 900,000 barrels last week, and 3.8 million barrels for gasoline.
These are figures that prevent prices from soaring further, given that they highlight ” a modest, but much stronger than expected, increase in crude oil production and a significant increase in gasoline production », According to DNB.
