In the wake of the stock markets, oil prices continue their recovery with a barrel of Brent trading above $ 55, the highest since February. Black gold, which benefits from the sharp revival of appetite for so-called risky assets, remains supported by hopes of accelerating global growth with the development of Covid vaccines across the planet as well as by the Democratic victory in the American Throne which strengthens the expectations of a larger stimulus package in the United States.

The decision of Saudi Arabia, the world's largest exporter, to reduce its production by one million barrels per day over the next two months, to compensate for the increase of 75,000 b/d of Russia and Kazakhstan, also reassured operators. Faced with the resurgence of the Covid-19 pandemic, the Kingdom, the leader of OPEC, did not want to raise the alliance's production too quickly, in order to continue to support oil prices , which gave up 20% in 2020 in the face of falling global demand. Overall, the coalition, which accounts for half of the world's crude production, will marginally increase its operation in February and March, with the volume voluntarily withdrawn from the market rising from 7.2 million barrels per day to 7.125 mbd.

Wednesday's announcement of a sharp decline in U.S. crude inventories last week also tends to support crude oil prices. The barrel of US light crude WTI for February delivery advances from $ 1.2 to $ 51.5 on the Nymex, while the Brent of the North Sea of the same maturity climbs 1.5% to $ 55.2.

"The Saudi decision to make voluntary cuts to its production continues to support prices," said Hiroyuki Kikukawa, managing director of research at Nissan Securities. "The strength of global equities, supported by excessive liquidity, is also prompting new purchases on oil," adds the specialist, who nevertheless warns of a possible next correction while the current rally does not reflect the current state of fuel demand and the global economy.