(New York) Oil prices ended a series of four negative sessions in a row on Friday, thanks to a technical rebound and positioning before a long holiday weekend in the United States.
The price of a barrel of Brent from the North Sea, for delivery in July, rose 0.93%, to close at $82.12.
A barrel of American West Texas Intermediate (WTI) of the same maturity appreciated by 1.10%, to $77.72.
Earlier, Brent fell to its lowest level since early February and WTI to a near three-month low.
But the two market benchmark varieties recovered before the close, thanks to technical buying.
“The market anticipates fairly strong demand (for fuel) over the weekend,” which includes a holiday, Memorial Day (dedicated to veterans), on Monday, explained Phil Flynn, analyst at Price Futures Group.
Memorial Day weekend traditionally marks the start of the travel season in the United States, leading to an acceleration in demand for gasoline.
Automotive assistance group AAA estimates that 38.4 million people will drive at least 50 miles from home this weekend, up 4% from this time last year.
In times of uncertainty, as is currently the case with the conflicts in Gaza and Ukraine, operators position themselves upwards before a weekend, to protect themselves in the event of major news during non-quotation days. .
Black gold prices were also helped on Friday by a weakening of the dollar, the currency in which most purchases are denominated.
For Phil Flynn, the one-day postponement of the 1er on June 2, the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies in the OPEC + agreement, announced on Friday, “increases the probability that they will pull a rabbit out of the hat”.
This could thus be “a sign that negotiations are underway to extend production cuts until 2025”, he continued, while the market had until now anticipated an extension for a more limited period.
As it stands, the latest reductions in production volume, announced in November, i.e. 2.2 million barrels per day, are planned until the end of June.