Business Oil climbs, renewed optimism among investors

Oil climbs, renewed optimism among investors

Around 5:35 p.m., Brent rose 13.31% to 25.54 dollars and WTI took off 22.31%, to 18.42 dollars.

Oil prices increased further on Thursday, helped by favorable prices on the demand side, with better-than-expected figures in the United States and hope for treatment of Covid-19, and on the supply side, with a drop in Norwegian production .

Around 3:35 p.m. GMT (5:35 p.m. CET), a barrel of Brent North Sea crude for delivery in June, which is the last trading day, was worth $ 25.54 in London, up 13.31% from the closing on Wednesday.

In New York, the American barrel of WTI for June gained 22.31%, to 18.42 dollars. Its price has risen from a low this week on Tuesday, at 10.07 dollars.

“The oil rebound continues on Thursday mainly on the news of the previous day,” said Craig Erlam of Oanda.

Among these, crude oil reserves in the United States published on Wednesday by the American Energy Information Agency (EIA), which increased less than expected, and those of gasoline, which even declined. while an increase was expected, are a sign of “a gradual recovery in demand,” according to Warren Patterson and Wenyu Yao of ING.

Norway, the largest producer of hydrocarbons in Western Europe, also announced on Wednesday a reduction in its oil production until the end of the year in order to help stabilize prices.

The Nordic country is “playing the game” to adapt supply to demand slashed by the pandemic, in concert with other producing countries, said Neil Wilson of Markets.com.

This effort is in addition to the approximately 10 million barrels per day that members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies have decided to withdraw from the market as of Friday.

Russia, signatory of this agreement as a partner of the cartel via the Opep + agreement, insisted Wednesday, by the voice of its Minister of Energy Alexandre Novak, on the respect of its commitment.

Crude prices are also benefiting from optimism after first encouraging results of a trial treatment against the Covid-19 developed by the American laboratory Gilead.

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