(New York) Oil prices rose again on Monday, lifted by the prospect of a holiday week in China which could boost demand, as well as by the lack of visibility regarding the resumption of exports from Kurdistan to Turkey.
The price of a barrel of Brent North Sea crude for June delivery gained 1.31%, to close at $82.73.
As for the barrel of American West Texas Intermediate (WTI) of the same maturity, it took 1.14% to 78.76 dollars.
For Robert Yawger, of Mizuho, prices benefited from a series of favorable factors, in the absence of a catalyst.
Among them, information from the Bloomberg agency that several tankers that were stationed in the bay housing the Ceyhan oil terminal (southern Turkey) left the area.
After a political deadlock, Baghdad and the local authorities of Iraqi Kurdistan signed a “temporary” agreement in early April allowing the resumption of crude exports to Turkey and this important black gold loading port.
But deliveries have not yet resumed in Ceyhan, where some ships that have been waiting for several weeks have finally weighed anchor.
“It looks like the oil is not going to start flowing again anytime soon,” commented Robert Yawger. “It’s never a good sign when the tankers leave. »
Last week, Iraqi Prime Minister Mohamed Chia al-Soudani assured the Iraqi Kurdish channel Rudaw that only technical issues remained to be settled and that exports would resume in the coming days.
Black gold also rose ahead of the 1er May in China, from Saturday to Wednesday, which could generate an acceleration of tourism in the region and a surge in demand for refined products, kerosene in particular.
Another positive element for prices: the decline in the dollar, which approached its lowest level in a year against the euro.
The market was also able to count on the publication of the German business confidence index (IFO), which came out higher than expected in April, said Edward Moya of Oanda.
For Robert Yawger, the movement recorded on Monday is also largely attributable to purchases by operators who are taking their profits after having pulled prices to their lowest since the end of March last week.
“Without a major exogenous factor, prices will probably stay within the same margins in the short term,” predict analysts from Eurasia Group.