(New York) Oil prices jumped Monday in the wake of the stock markets, at the start of the last week of the year, during a session with little trade which amplified the increase.
A barrel of North Sea Brent for February delivery was up $ 2.20 or 2.88% to $ 78.60 from Friday.
In New York, a barrel of West Texas Intermediate (WTI), for the same maturity, advanced $ 1.78 or 2.41% to $ 75.57 from its last close on Thursday, its market having been closed Friday.
“We’re in the holiday season with low volume, which is why prices are volatile right now,” said Matt Smith head of oil analysis for commodity data provider Kpler.
Prices, much more sluggish at the start of the session, took off with the momentum of Wall Street.
The eighth round of Iranian nuclear negotiations resumed in Vienna, which did not shake the courts, as Iran sets the lifting of US sanctions as a priority.
Traders were also positioning themselves in preparation for the disclosure of US crude stocks on Wednesday which promise to decline sharply, which is a good sign for demand and favorable for the price.
“We saw very strong exports coming out of the United States last week, so we should see a decrease in reserves,” noted Matt Smith.
Analysts predict U.S. commercial oil inventories will drop 2.4 million barrels after already declining 4.7 million last week.
“The market was also driven by the dynamism of the stock market despite the commotion in the travel sector and the spread of the Omicron variant”, further indicated the Kpler analyst.
Thousands of flights were canceled this weekend and again Monday around the world due in particular to a lack of flight personnel, forced to be kept in quarantine after being tested positive for COVID-19.
“In spite of all this, the market consoles itself with the fact that containments or restrictions have not been imposed where it was feared that they would be”, concluded the specialist citing the United States or the United Kingdom where the virus is spreading rapidly. “It kind of sends a positive message.”