(New York) Oil prices rose again on Thursday, driven by a jump in American demand for refined products, as well as a tightening of the geopolitical context.
A barrel of Brent from the North Sea for delivery in August appreciated by 0.75%, to close at $85.71.
A barrel of American West Texas Intermediate (WTI) due in July gained 0.73%, to $82.17. WTI remains on seven positive sessions in eight trading days and reached its highest level since the end of April on Thursday, just like Brent.
For Phil Flynn, from Price Futures Group, black gold benefited from the publication of the report from the American Energy Information Agency (EIA), which reported a contraction of crude stocks by 2 .5 million barrels last week.
According to the analyst, operators mainly noted the surge in refined products delivered to the American market (+9.6% over one week), an implicit indicator of demand.
Gasoline deliveries rose to their highest level in almost a year (end of June 2023).
The news helped reassure the market, which was wondering about the strength of American demand.
After an initial spike immediately after the EIA report was put online, prices nevertheless ran out of steam somewhat. The result of profit taking, according to Phil Flynn, before Friday’s session, which promises to be potentially choppy.
It corresponds to the so-called Three Witches Day, which marks the expiry of derivative contracts on stock market indices and shares. The event often causes additional volatility.
For Sophie Lund-Yates, of Hargreaves Lansdown, the renewed tension in the Middle East has also worked to support prices.
On Thursday, the Israeli army and the Lebanese pro-Iranian movement Hezbollah exchanged cross-border fire, against a backdrop of rhetorical escalation.
The Israeli army announced on Tuesday that the operational plan for an “offensive in Lebanon” had been validated by the authorities.
The leader of Hezbollah, Hassan Nasrallah, responded on Wednesday, warning that “no place” in Israel would be spared by his movement’s missiles and drones in the event of an Israeli offensive in Lebanon.
Phil Flynn also mentioned the situation in the Red Sea, where Yemeni Houthi rebels have carried out a series of attacks on merchant ships in recent days.