(New York) Oil prices picked up on Wednesday after a larger-than-expected drop in US crude reserves.
A barrel of North Sea Brent for February delivery, the most traded in London, closed 0.24% higher at $ 73.88.
In New York, a barrel of West Texas Intermediate (WTI) maturing in January jumped 0.19% to $ 70.87.
Prices had started the day lower, with Brent even dropping as high as 1.62% and WTI 1.89%, ahead of the publication of the state of US stocks by the US Energy Information Agency. (EIA).
The report showed that U.S. crude trade reserves fell 4.6 million barrels during the week ending December 10, nearly triple what analysts expected (1, 7).
“I was surprised,” commented Andy Lipow of Lipow Oil Associates. “Especially since in addition to commercial reserves, strategic reserves have fallen by two million barrels. In all, between crude and refined products, we are almost at ten million barrels. ”
Expected to rise by 2.05 million barrels, gasoline stocks have also melted, by 700,000 barrels.
The erosion of reserves is attributable to a surge in demand, combined with an increase in exports and a decline in imports.
Demand grew by more than 3.3 million barrels per day (mb / d) from the previous week, reaching 23.1 mb / d, the highest level ever recorded by the EIA.
Gasoline, kerosene, or heating oil have all seen their consumption take off, while the market has been worried about their low level as winter approaches.
At first, the shadow of the Omicron variant and some tension before the announcement of the US Central Bank’s (Fed) decision “overshadowed” the release of the stocks, analysts at TD Securities.
But after the communication, slightly firmer than expected, from the Fed, prices finally accelerated at the very end of the session to end in the green.
“The continuation (of this increase) during the coming weeks will depend on the market sentiment regarding COVID-19,” according to Andy Lipow, “containment measures, teleworking or possible trip cancellations, which would reduce demand. ”
In China, the world’s largest importer of oil, the authorities of Zhejiang province, located immediately south of Shanghai, imposed new travel restrictions this week after the multiplication of cases of coronavirus in the region.