Oil at three-month high in optimistic market

Black gold has not reached such levels since the attacks in mid-September on two sites in Saudi Arabia. Prices had soared.

oil

Oil prices advanced on Friday, ahead of the US Energy Information Agency (EIA) publication of US inventories later today, breaking a new three-month high.

Around 11:35 a.m. in Paris, a barrel of Brent from the North Sea for February delivery was worth $ 68.16 in London, up 0.35% from Thursday’s close. In New York, the US barrel of WTI for the same month gained 0.37% to 61.91 dollars. Black gold has not reached such levels since the attacks in mid-September on two sites in Saudi Arabia, which had caused prices to soar.

The day before, after a day of closing for Christmas, oil had resumed its rise from the start of the week, ending up 0.93% for WTI and 1.07% for Brent. “Oil prices continue to rise during this holiday period,” commented Olivier Jakob, analyst at Petromatrix.

A drop in stocks expected

After the publication of data from the professional federation American Petroleum Institute (API) on Thursday, showing a drop in US crude inventories of nearly 8 million barrels, market players are now waiting for those of the EIA, considered more reliable.

* According to the median of a consensus established by the Bloomberg agency, analysts expect crude inventories to drop by 1.5 million barrels, up by 1.6 million barrels for gasoline and an increase of 600,000 for other distillates (heating oil and diesel), for the week ended December 20. “The expected decline in US oil stocks – even if it is not as sharp as that announced by the API – should not start this trend” upward prices, continued Mr. Jakob.