The London-listed barrel takes off 3.56% thanks to optimism linked to COVID-19 vaccination campaigns. WTI crosses the $ 47 mark.
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The benchmark crude oil price per barrel in Europe exceeded $ 50 on Thursday, for the first time since March 6, driven by optimism related to COVID-19 vaccination campaigns, which herald a resumption of demand for black gold.
At around 3:10 p.m. GMT (4:10 p.m. CET), a barrel of Brent North Sea for February delivery gained 3.56% in London from Wednesday’s close at $ 50.60.
WTI’s US barrel for January was also at its highest since early March, at $ 47.18, gaining 3.54%.
“Seeing prices rise again today (Thursday) is a clear indication of growing market confidence in vaccination campaigns” against COVID-19, explained Bjornar Tonhaugen, Rystad analyst.
The UK launched its Tuesday, a first in a Western country, and investors are now waiting for others to follow suit across the world to end travel restrictions and boost demand for crude.
The decision of the United States Medicines Agency (FDA) on the authorization of Pfizer / Biontech’s vaccine against COVID-19 is also expected these days.
“The extension of OPEC quotas should allow the market to stay afloat during the winter. Demand is then expected to increase throughout next year to reach a more normal level as the vaccines come to market, ”said Stephen Innes of Axi.
The group made up of members of the Organization of the Petroleum Exporting Countries (OPEC) plus ten producer allies, identified by the acronym OPEC +, agreed last week to only very slowly turn on the water tap. black gold from January.
“The oil market has recovered convincingly after a surprisingly large increase” in crude inventories in the United States last week, also observed Innes.
The report released on Wednesday by the US Energy Information Agency (EIA) noted a sharp rise in commercial crude inventories in the country, by more than 15 million barrels for the week ended 4 December, a signal of weak demand across the Atlantic.
The United States saw a similar increase in its crude stocks in April, but such a weekly increase is extremely rare.
“It’s not every day that the market ignores rising crude inventories in the United States, especially of this size,” Tonhaugen commented.
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