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Oil continues to advance, at its highest in two years

2021-06-17T17:48:08.325Z

The barrel of Brent returned Monday, at more than 73.60 dollars per barrel, its level of May 2019. Oil continued its upward momentum on Monday. The barrel of Brent returned to more than $ 73.60 per barrel at midday, its level of May 2019. The American benchmark WTI for its part reached $ 71.70, its value in October 2018. Read also: Climate: the oil majors under pressure from their shareholders Markets expect strong demand this year, with economic activity picking up in many countries despite



Oil continued its upward momentum on Monday.

The barrel of Brent returned to more than $ 73.60 per barrel at midday, its level of May 2019. The American benchmark WTI for its part reached $ 71.70, its value in October 2018.

Read also: Climate: the oil majors under pressure from their shareholders

Markets expect strong demand this year, with economic activity picking up in many countries despite new waves of Covid-19 and the emergence of several variants.

Analysts referred Monday to data released late last week by the International Energy Agency (IEA).

The Paris-based organization, which advises many states on their energy policies, predicts in its latest monthly report that global demand for oil is expected to exceed pre-pandemic levels by the end of 2022.

Read also: Oil ends at its highest since October 2018 in New York

Demand is expected to exceed 100 million barrels per day in the fourth quarter of next year.

This would be a little more than the previous peak reached in the fourth quarter of 2019, just before the start of the health crisis.

Unsurprisingly, these data are "

 perceived as positive by investors, 

" Naeem Aslam, of Avatrade, told AFP.

"A significant drop in prices"

The market must, however, keep in mind the ongoing negotiations on the nuclear deal between the United States and Iran, underline several experts.

Tehran " 

is able to increase its oil supply in a relatively short period of time

 ," says Naeem Aslam.

"

 This could lead to a significant drop in world oil prices,

 " adds the analyst.

Read also: Iranian oil embargo: Washington sanctions Chinese companies

The Iranian oil industry is subject to an embargo by the United States. But an improvement in relations between Washington and Tehran could lead to the easing of these sanctions and therefore to the arrival on the market of a significant volume of black gold. In 2017, before US President Donald Trump prevented Tehran from exporting its black gold, Iran was the world's fifth largest oil producer.

Source: lefigaro

All business articles on 2021-06-17

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