(New York) Oil prices were mostly flat on Wednesday, in a low-volume market ahead of the Thanksgiving holiday in the United States, despite higher US stocks and after pressure put on OPEC by the agency Energy International (IEA).
The price of a barrel of North Sea Brent for January delivery fell 6 cents or 0.07% to $ 82.25.
In New York City, a barrel of West Texas Intermediate (WTI) for the same month fell 11 cents or 0.14% to $ 78.39.
Crude prices have reacted little to the US Energy Information Agency’s (EIA) announcement of an increase in commercial crude oil reserves in the United States last week, a million barrels.
“The market was a bit silent today with little volume as a lot of traders went on vacation,” said Phil Flynn of Price Futures Group.
According to him, even if on the surface, the report on crude stocks appeared disappointing with an unexpected increase, this increase is explained by a slight withdrawal from strategic reserves which went to inflate the reserve tanks of Cushing (Oklahoma).
In addition, the report also showed sustained demand for gasoline with lower inventories, slightly higher production and refinery activity. “Demand is holding up,” he commented.
Brent and WTI also did not bat an eyelid after International Energy Agency (IEA) boss Fatih Birol said on Wednesday “hoped” that OPEC + producing countries would take in their next meetings “the necessary measures” to bring oil prices to a “reasonable level”.
Members of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and their ten allies led by Russia via the OPEC + agreement are limiting their production in order to support prices.
This cartel has started to reopen the tap very gradually in recent months, despite the rise in prices and the insistence of consumer countries for a more important gesture.
The joint release by several countries of part of their strategic oil reserves, which Rystad analysts estimate at 71.5 million barrels in all – including 50 million for the United States alone – may not have the effect. expected lower prices, quite the contrary.
“Press reports suggest that when the group of producing countries meets next week to discuss their production plans, they may well reconsider their current strategy to increase production every month,” noted Bart Melek, manager. commodity strategy at TD Securities.
“OPEC + delegates have reportedly indicated that Saudi Arabia and Russia are considering a pause in the increase while the United Arab Emirates and Kuwait are opposed,” said the specialist.