(New York) Oil prices jumped on Thursday, a few hours before a holiday weekend which will mark the start of the travel season in the United States and a rise in demand for fuel.
Updated yesterday at 3:52 p.m.
The price of a barrel of Brent North Sea oil for July delivery gained 2.95%, to close at $117.40.
As for the barrel of American West Texas Intermediate (WTI), also for July, it gleaned 3.40%, to 114.09 dollars.
“Recent data has shown lower U.S. crude and gasoline inventories as demand is expected to rise in the coming weeks as travel season arrives,” Susannah Streeter said in a note. of Hargreaves Lansdown.
Gasoline, especially, but also diesel and kerosene will see their consumption increase, as every year at this time.
The massive use of American strategic reserves for several weeks has not made it possible to lower prices, which remain more than 70% higher than their level last year at the same time.
“We will not be able to draw on stocks indefinitely”, warns Andy Lipow, of Lipow Oil Associates. “At some point, prices are going to have to rise further to bring down demand and bring back a global balance. »
The price of a gallon of gasoline (3.78 liters) reached a new all-time high on Thursday, at $4.60, or 11% more than a month ago and 51% more than a month ago. year.
Operators do not expect relief from the Organization of the Petroleum Exporting Countries (OPEC) and its allies of the OPEC+ agreement, whose meeting will be held next Thursday.
The members of the alliance should announce a new increase in their production identical to the previous months, that is to say an additional 432,000 barrels per day in July, according to the Reuters agency, which cites concordant sources.
OPEC+ countries, including Russia, have so far refused to increase production at a faster pace.
To make matters worse, “we can already see that they are below their current targets of more than two million barrels per day”, underlines Andy Lipow, for lack of sufficient capacity in several member countries.
Black gold prices also benefited from the fall in the dollar, the currency in which most oil purchases are denominated, as well as the absence of new developments in the negotiations to lead to a European embargo on Russian oil imports. .