(New York) Oil prices, in decline for three weeks, rose again on Friday on the eve of the weekend, investors protecting themselves from the risks of the conflict in the Middle East and the market anticipating a further extension of production cuts in OPEC.

A barrel of North Sea Brent for January delivery gained 1.77% to $81.43.

Its American equivalent, a barrel of West Texas Intermediate (WTI) for delivery in December, climbed 1.88% to $77.17.

“Before the weekend, with what’s happening in the Middle East, investors are hedging, because they can’t trade” and buying back oil, explained John Kilduff of Again Capital.

“The market was oversold earlier in the week and there were statements from the Saudi oil minister on Thursday that remind us that OPEC is ‘going to weigh’ on supply,” the analyst added.

Faced with the drop in prices, Abdel-Aziz Ben Salman estimated that “speculators are the problem, not demand. People say demand is low, but that’s an illusion.”

Words which reinforce expectations of new action by Saudi Arabia, leader of OPEC, on its production and by extension that of the cartel.

The next ministerial meeting of OPEC members is scheduled for November 26 in Vienna, headquarters of the alliance.

Saudi Arabia and Russia reaffirmed last weekend that they would maintain their production and export cuts until the end of the year, or 300,000 barrels per day of oil and product supply. oil tankers for Russia and a production cut of one million barrels per day for Saudi Arabia.

For DNB analysts, this is a “moderate recovery” after the strong sales of the last two weeks, during which the two global crude benchmarks fell by 10%.