Oil advances, optimism on the supply / demand gap

Around 12:35 p.m., Brent gained 0.52% to $ 56.17 and WTI gained 0.55% to $ 53.06.

Oil prices were advancing on Tuesday, with the expected drop in the supply of black gold overtaking fears that still surround the strength of the recovery in demand.

At around 11:35 GMT (12:35 CET), a barrel of North Sea Brent for March delivery gained 0.52% in London from Monday’s close at $ 56.17.

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The US barrel of WTI for the same month climbed at the same time by 0.55% to 53.06 dollars.

“Expectations of a tight global supply offset fears that a chaotic launch of COVID-19 vaccination campaigns will further dull demand” for crude, summarized Avtar Sandu, analyst at Phillip Futures.

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The fact that Iraq has pledged to cut its oil production in January and February, according to information reported by Bloomberg, and that “US President Joe Biden could announce on Wednesday preparatory measures for a ban on new oil drilling and gas on federal lands “are likely to support prices,” Sandu continued.

Investors welcome the Iraqi announcement all the more favorably that Baghdad is generally not among the top performers of the Organization of Petroleum Exporting Countries (OPEC) and regularly exceeds the production quotas assigned to it by the cartel and its allies via OPEC +.

US production remains relatively high, at 11 million barrels per day, according to the latest figures released Friday by the US Energy Information Agency (EIA).

But the uptrend is subsiding, notes another analyst, Stephen Innes of Axi, amid “concerns about the effectiveness and deployment of the COVID-19 vaccine.”

In addition, “Iran plans to massively increase its production,” reports Eugen Weinberg, Commerzbank, yet “excessive supply is the last thing the oil market needs right now,” adds Jeffrey Halley, Oanda. .

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