Around 11:30 a.m., Brent took 0.66% to 107.96 dollars. The WTI gained 0.90% to 103.48 dollars.
Oil prices rallied on Wednesday, following losing more than 5% the previous day, as fears over black gold supply regained the upper hand in the market as supply disruption factors added up.
Around 09:30 GMT (11:30 CET), a barrel of Brent from the North Sea for delivery in June took 0.66% to 107.96 dollars.
The barrel of American West Texas Intermediate (WTI) for delivery in May, which is the last day of use as a benchmark contract, gained 0.90% to 103.48 dollars.
Oil is trading higher once more following its losses on Tuesday, “as declines in the price of crude are always seen as attractive buying opportunities”, comments Ipek Ozkardeskaya, analyst for the bank Swissquote.
“The slowdown on the demand side is certainly dampening the uptrend, but it doesn’t necessarily weigh enough to reverse the trend,” she continues.
“Indeed, supply remains problematic with the war (in Ukraine), the reluctance of OPEC (the Organization of the Petroleum Exporting Countries) to pump more oil, the unrest in Libya and the Houthi attacks in Saudi Arabia. Saudi Arabia,” explains the analyst.
Russia opened Tuesday with a series of strikes on eastern Ukraine a “new phase” of the war it launched in February, when Americans and Europeans declared themselves ready to impose “new sanctions” on it. “.
Oil prices were already trending higher on talk of a possible halt to European imports of Russian oil.
News of crude export and production disruptions are also coming from elsewhere. The National Oil Company in Libya announced on Monday the closure of two major oil sites, following the closure of several other facilities in connection with protests and political rivalries.
The market is also waiting for the publication of the state of US oil inventories by the US Energy Information Agency (EIA).
Analysts expect a 3 million barrel increase in commercial crude reserves, according to the median consensus compiled by Bloomberg.
