(New York) Oil prices climbed on Monday, supported by arguments from OPEC’s monthly report which aims to dispel “exaggerated negative sentiments” about the outlook for global demand for black gold.
A barrel of North Sea Brent for January delivery gained 1.33% to $82.52.
Its American equivalent, a barrel of West Texas Intermediate (WTI) for delivery in December, gained 1.41% to $78.26.
“Global oil market fundamentals remain strong despite exaggerated negative sentiments,” OPEC’s monthly report said Monday.
The document also dismisses concerns about “China’s oil demand, with the latest data showing Chinese crude imports increasing […] and remaining on track to hit a new annual high, at around the same level. »
The report denounces “the ‘speculators’ who have driven prices down,” adds Han Tan, an Exinity analyst interviewed by AFP.
According to the analyst, “such language could translate into action, perhaps through additional supply-side intervention, when OPEC “meets later this month.”
Despite the geopolitical risks of the conflict extending to black gold-exporting countries in the Middle East, crude oil prices remain contained due to figures indicating a “return in demand” for gasoline in the United States, recalls John Evans, from PVM Energy.
