Around 3:15 p.m., Brent rose 2.45% to $ 36.40 and WTI climbed 3.73% to $ 34.49.
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Oil prices continued to rise Tuesday after experiencing a brief bout of weakness on Friday, driven by an optimistic market and weakened US production.
At around 1:15 p.m. GMT (3:15 p.m. CET), a barrel of Brent North Sea crude for July delivery was worth $ 36.40 in London, up 2.45% from Monday’s close earlier due to ” a public holiday in the United Kingdom and the United States.
In New York, the American barrel of WTI for July took its side 3.73%, to 34.49 dollars.
“The positive mood in the stock markets is driving oil up,” said Carlo Alberto De Casa, analyst for ActivTrades.
According to him, “the current price seems to reflect the fact that the markets consider the risk of a second wave to be relatively low, or at least investors are betting that this will not generate new closings and lockouts.”
The continued deconfinement in Europe, with no rebound in the number of patients observed for the moment, and the new trials launched by an American biotech to find a vaccine have allowed optimism to gain markets.
In addition, “the problems in the shale oil sector in the United States are driving prices,” said Eugen Weinberg, analyst for Commerzbank.
Citing a study by Rystad Energy, he explains that up to 250 companies in the sector could become insolvent by 2021 if prices do not go up.
Despite the sharp rise in recent weeks, oil prices remain well below their levels in early March, before the Covid-19 pandemic hits the whole world hard and leads to a collapse in prices.
In April, the WTI even briefly evolved into negative territory for the first time in its history.
Finally, several observers cited the efforts of the Organization of the Petroleum Exporting Countries and their allies as a factor in supporting prices.
Kuwait and Saudi Arabia announced last week that oil extraction in a shared neutral zone will stop as of June.
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