(New York) Oil prices ended higher on Monday, supported by the strong tensions agitating the Middle East, as well as by the prices of refined products, which are still firm.
The price of a barrel of Brent from the North Sea for delivery in April gained 1.11%, to close at $82.53.
A barrel of West Texas Intermediate (WTI) of the same maturity gained 1.42%, to $77.58.
For Andy Lipow of Lipow Oil Associates, new American and British strikes against Houthi targets on Saturday raised the temperature by a few more degrees.
The fact that Yemeni rebels are now openly attacking British and American ships is also helping to deepen the crisis in the Red Sea, the analyst said.
More marginally, prices benefited from the temporary closure of the al-Wafa field in Libya on Sunday, due to a protest movement by the site’s security personnel, who are demanding salary increases.
The field nevertheless resumed its activities on Monday.
Black gold also benefited from a decline in the dollar, the reference currency for oil trade.
Crude prices were also helped by those of refined products, notably American diesel, which rose 2% on Monday.
“We are in the middle of refinery maintenance season” in the United States, recalls Andy Lipow. “This has a negative effect on crude demand, but it also lowers refined product inventories, which is favorable for prices. »
For Mark Wagoner of Excel Futures, “there is enough pressure to reach an agreement on a truce” in the fighting between Israel and Hamas in Gaza. “And the prices include a $10 premium linked to geopolitics. »
“So once this pause is over, prices will fall,” he announces, referring to WTI below $70.
A stall announced, for him, which could not prevent the possible extension, in the second quarter, of production reductions of the Organization of the Petroleum Exporting Countries (OPEC) and their allies in the OPEC + alliance.
“Their influence is diminishing,” he argues.