(New York) Oil prices picked up on Friday, settling again firmly above $ 80, with the market doubting the possible use of strategic crude reserves to relieve the market.
In London, a barrel of North Sea Brent for January delivery gained 2.73% to close at $ 82.74.
In New York, a barrel of West Texas Intermediate (WTI) for the month of December did even better and took 3.12% to 81.27 dollars.
On Thursday, prices had contracted under the weight of rumors of a possible coordinated action that would have consisted of drawing on the strategic reserves of several countries, the United States in the lead.
Taking into account the political pressure in favor of an increase in the production of the members of the Organization of the Petroleum Producing Countries (OPEC) and their allies of OPEC +, the operators decided to reduce their exposure and take their profits, summed up Bjornar Tonhaugen of Rystad Energy.
But on Friday, the effect wore off and prices regained strength.
“It is always possible, but it will not be tomorrow”, tempered Andrew Lebow, partner of the firm Commodity Research Group. “We would not see the barrels before the first quarter” 2022, he anticipated.
He also recalled that the United States had already drawn regularly from its strategic reserves in recent weeks.
Since the end of August, they have fallen by 8.8 million barrels, which however represents only 1.4% of the stock, which currently still stands at 612.5 million barrels.
Moreover, the countries parties to the OPEC + agreement have offered no sign of appeasement to respond to political pressures, “showing that their strategic debates go beyond the tip of their noses,” commented Bjornar Tonhaugen.
Friday, according to the image of the analyst, the market, fueled by cheap purchases, therefore looked like “a car which would pick up speed after having passed a big speed bump”.