(New York) Oil prices ended sharply in the green on Friday, signing their ninth straight week of rise, the day after a profit-taking session and in a still favorable environment of strong demand and constrained supply at prices.
The price of a barrel of North Sea Brent for December delivery was up 92 cents or 1.08% from Thursday’s close at $ 85.53 in London.
In New York, a barrel of West Texas Intermediate (WTI) for the same month appreciated $ 1.26 or 1.52% to $ 83.76.
Brent reached $ 86.10 during Asian trading on Thursday, a first since October 2018, before giving way.
The WTI, which had touched the previous day a record since October 2014, at 84.25 dollars per barrel, followed the same path.
Analysts attribute these increases in the price of black gold to recent announcements to lift travel restrictions, the slow recovery in production in the United States and expectations of higher energy demand on the cusp of the winter and holiday season.
Washington announced last week that the Biden administration was lifting border restrictions on foreigners vaccinated against COVID-19 from November 8 after more than 18 months of ban, which is expected to boost the number of flights and the need fuel.
Insufficient supply is struggling to meet demand which also accelerates with the approach of winter in the Northern Hemisphere.
“We continue to believe that, given the depletion of stocks and OPEC’s cautious approach to increasing production, oil prices will remain well supported for the rest of the year. “, Say ING analysts.
The producer cartel, made up of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies via the OPEC + agreement, meet on November 4 to decide on their level of production at the end of the year.
The announcement Thursday by the US National Oceanic and Atmospheric Agency (NOAA) of “above-average temperatures forecast in the south and most of the eastern United States” this winter was, however, likely to cap the price increase of around 30% over the last two months.
The prospect of a harsher winter had fueled speculation about higher-than-average electricity use in the Northern Hemisphere this winter, together pushing the prices of coal, gas and to a lesser extent oil downward. high.