(New York) Oil prices climbed on Monday, supported by the arguments of the monthly OPEC+ report which wants to dispel “exaggerated negative sentiments” on the outlook for global demand for black gold.
A barrel of Brent from the North Sea for delivery in January gained 1.33% to $82.52.
Its American equivalent, a barrel of West Texas Intermediate (WTI) for delivery in December, gained 1.41% to $78.26.
“Global oil market fundamentals remain strong despite exaggerated negative sentiments,” OPEC+’s monthly report said on Monday.
The document also dismisses concerns about “China’s oil demand, with latest data showing Chinese crude imports increasing […] and remain on track to reach a new annual record, at approximately the same level. »
The report denounces “the ‘speculators’ who have driven down prices”, adds Han Tan, Exinity analyst interviewed by AFP.
According to the analyst, “such language could translate into action, perhaps through additional supply-side intervention, when OPEC “meets later this month.”
Despite the geopolitical risks of the conflict extending to black gold-exporting countries in the Middle East, crude oil prices remain contained due to figures indicating a “decline in demand” for gasoline in the United States, recalls John Evans, from PVM Energy.