The point on the evolution of oil this week:
During this Friday's session, oil prices were relatively stable after having spent the week up. Investors seem to be divided between the health situation still very worrying in India, which is one of the largest consumers of black gold, and the encouraging and rather favorable economic outlook in the rest of the world.
Thus and at the end of the morning, the barrel of oil Brent of the North Sea for delivery in July quoted 68.11 dollars on the market of London, that is to say a rise of 0.03% compared to its closing of Thursday. On the New York market, the barrel of WTI for delivery in June progressed as for him of 0.03% to 64.73 dollars.
Over the week, these two reference barrels gained an average of 1.5% following Wednesday's peak, which took Brent crude close to 70 dollars at 69.95 dollars a barrel, its highest level since March 15.
However, crude oil prices saw their upward movement finally curbed by a rise in cases of covid-19 in India which negatively influence the demand outlook as analysts explain.
Record deaths in India but global economic recovery:
As you will have understood, investors are hesitant for the moment regarding the position to take on the oil market due to the health situation in India which still worries many. Indeed, this Thursday, the country announced more than 4,000 deaths and 412,000 new cases in 24 hours, which makes a total of 230,000 deaths and 21.1 million infections.
India, after a peak in 2019 and an ebb in 2020 due to the pandemic, consumed more than 5 million barrels every day, which placed the country in third place among the largest consumers of black gold behind the United States and China.
Thus, the resurgence of the disease in India is really one of the last obstacles to the global reopening of economies and the complete renaissance of fuel consumption.
However, in parallel to this situation, the economic situation in the rest of the world seems to be getting better. For example, German industrial production rebounded in March, according to figures released today by the statistical office Destatis.
In the wake of this, the US jobs report, released at noon today, also helped support prices and keep the oil market in balance.