Oil: Brent rises to more than 87 dollars

Oil prices rose on Wednesday, benefiting from hopes of an economic recovery in China which would imply a rapid rebound in demand from the largest crude importing country.

On Wednesday morning, a barrel of Brent from the North Sea for delivery in March gained 1.40% to 87.13 dollars.

Its American equivalent, a barrel of West Texas Intermediate (WTI) for delivery in February, took 1.75% to 81.58 dollars.

“Markets are increasingly convinced that China’s abandonment of its zero-Covid policy will lead to a strong rebound in economic activity and, therefore, boost demand in global oil markets,” noted analysts. analysts.

China, the world’s largest importer and second consumer of crude, has indeed abandoned the last vestiges of its very strict health strategy to fight against Covid-19.

On the natural gas side, the Dutch TTF futures contract, considered the European benchmark, traded at 60.145 euros per megawatt hour (MWh), after hitting its lowest price since early September 2021 on Tuesday.

Analysts explain this small recovery by the current very cold temperatures. However, they should rise above seasonal norms in the coming days, which should weigh on gas consumption and bring prices down.

APS

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