(London) Oil prices rebounded slightly on Tuesday in a market still worried about demand exceeding supply, although the International Energy Agency (IEA) believes that the recent surge in prices could experience a “respite “.
At around 5:45 a.m., the price of a barrel of Brent from the North Sea for January delivery rose 0.38% to $ 82.36.
In New York, a barrel of West Texas Intermediate (WTI) for the month of December rose 0.28% to 81.11 dollars.
Despite a slight drop in prices in recent weeks, crude prices remain close to their highs reached at the end of October, and are still up nearly 60% for Brent and over 65% for WTI since the start. of the year.
In full recovery in demand after the lockdowns imposed by the COVID-19 pandemic, “the market remains tight”, notes Carsten Fritsch, analyst at Commerzbank: “Russia, Saudi Arabia and the United Arab Emirates have ruled out an increase marked by their production ”.
These key members of OPEC + (Organization of the Petroleum Exporting Countries and its ten allies) therefore confirm the strategy of measured increases, even if it means seeing prices soar.
But in its monthly report, the IEA noted on Tuesday that production resumed in the United States, pulling up global extractions.
With 97.7 million barrels per day produced in October, an additional 1.5 million are expected in November and December.
“A respite from price increases could be on the horizon,” said the agency.
Especially since “demand could weaken given the high number of new cases of coronavirus” around the world, commented analysts from Trifecta Consultants.