Around 11:00 a.m., Brent crude for May delivery gained 4.96% to $116.65. The barrel of West Texas Intermediate (WTI) took 4.11% to 113.17 dollars.
Oil prices continued to rise on Thursday, with Brent rising nearly 5% following statements from the United Arab Emirates dampened hopes of a production increase among members of the Organization of the Petroleum Exporting Countries (OPEC).
Around 10:00 GMT (11:00 CET), a barrel of Brent from the North Sea, the benchmark for black gold in Europe, for delivery in May gained 4.96% to 116.65 dollars.
The barrel of West Texas Intermediate (WTI) for delivery in April took 4.11% to 113.17 dollars.
On Wednesday, the price of Brent had plunged by 13% and that of WTI by 12%, weighed down by a diplomatic overture from Ukrainian President Volodymyr Zelensky as well as by the signal given by the United Arab Emirates, now in favor of an increase in production.
But Thursday, the Emirates affirmed that they would respect the commitments made within the framework of the alliance of exporting countries OPEC + (OPEC and its allies) which includes Russia.
“The Emirates believe in the value OPEC+ brings to the oil market. We are committed to the OPEC+ agreement and the current monthly production adjustment mechanism,” Emirati Energy and Infrastructure Minister Souheil al-Mazrouei tweeted on Thursday.
The day before, the ambassador of the Emirates in Washington, Youssef Al Otaïba, had nevertheless said he was in favor of an increase in production.
Mixed messages that “leave the market in uncertainty as to their true position on the issue, which creates conditions that might lead to greater price volatility”, comments Ricardo Evangelista, analyst at ActivTrades.
Oil-exporting countries are being called upon to curb soaring crude prices fueled by the war in Ukraine, particularly following the decision by the United States and the United Kingdom to stop importing oil from Russia (the second largest crude exporter in the world, behind Saudi Arabia) in response to the invasion of Ukraine.
“The United Arab Emirates will not act on its own to increase oil production,” said Carsten Fritsch, an analyst for Commerzbank.
At their last meeting, the OPEC+ countries had stuck to a modest increase in their production, despite the soaring prices. A greater increase might however be decided at the next meeting of the alliance, on March 31, according to the analyst.
