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The price of oil ended higher on Tuesday, driven by a marked decline in the production of black gold in the world, especially the United States, and the financial markets generally optimistic.
read also : crude Oil: barrels of perilin London, a barrel of Brent North sea for delivery in July rose 64 cents, or 1.8%, to finish at 36,17 dollars. In New York, the barrel american WTI for July, for his part, took 1.10, or 3.3%, to close at 34,35 dollars. "Overall, the current trends on supply and demand (of oil) are of a nature to cause prices to rise, some estimates, including assessment and evaluation for the fall in production to about 13 million to 15 million barrels per day," notes Robbie Milling of Schneider Electric.
The major part of this decline stems from the reduction of 9.7 million barrels promised by the member countries of the Organization of petroleum exporting countries (Opec) and its partners. But extractions are also in steep decline in the United States. According to the firm Rystad Energy, it could go down by up to 10.7 million barrels per day in June, its lowest level in two years, before starting to recover slowly.
An application below the level prior to the pandemicBut production is not expected to return to the top of 11.7 million barrels per day before 2022, still far short of 12.9 million barrels produced each day, on average in march 2020. Moreover, adds Robbie Frasier, "it is necessary that the request to come back so we can see a significant rebound in oil prices". Or "if the recent weeks have clearly shown that the demand had firmed up since we collapse in April, it remains well below the level prior to the pandemic in most of the country," he says.
Result: despite the strong increase seen in recent weeks, oil prices remain well below their levels at the beginning of march, before the pandemic of Covid-19 does not strike the full force of the world. In April, the WTI has even briefly evolved into negative territory for the first time in its history.
"The positive mood observed in the equity markets draws oil to the top", ahead of his side, Carlo Alberto De Casa, senior analyst for ActivTrades. The continuation of the déconfinement in Europe and some States in the United States, without a rebound in the number of patients seen for the time being, and new tests launched by a biotech american to find a vaccine have fueled investor optimism.
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