Oil prices continued to climb to their levels at the beginning of 2020 on Wednesday. The North Sea barrel of Brent for delivery in April gained 2.31% at 17:45 Paris time. At the same time, WTI's US barrel for the month of March appreciated by 2.57% to $56.16, shortly after reaching $56.26, a price not seen in over a year, on January 23, 2020.
Chris Beauchamp, an IG analyst, suggests that “oil prices show no signs of weakness, and a drop in inventories (...) in weekly EIA data has given them a boost.”
Less marked than expected, crude oil reserves in the United States fell by 1 million barrels last week, according to a report by the U.S. Energy Information Agency (EIA) released Wednesday.
According to the Organization of Petroleum Exporting Countries (OPEC), whose members and allies through the Opep+ agreement met by videoconference on Wednesday, the oil market is also benefitting from the “gradual deployment of vaccines around the world.