Oil prices at the start of the week:
The beginning of the week saw the barrel of Brent record a new rise with, around 10:35 am this Monday a quotation at 69.50 dollars in London, that is to say an increase of 0.40% compared to its closing price of last Friday.
Earlier in the session, the barrel of Brent even managed to cross the 70 dollar mark, a threshold it had already crossed quickly the previous Monday and which had not been reached since January 8, 2020, before the beginning of the Covid crisis.
As for the barrel of WTI in New York, it reached the level of 65.87 dollars, an increase of 0.40%.
According to analysts specializing in this market, this increase is largely due to a stronger Chinese economy that has encouraged investor optimism in the black gold market.
Indeed, China released several interesting figures yesterday including industrial production and retail sales data with record year-on-year increases in the first two months of the year according to figures released Monday by the National Bureau of Statistics.
Net recovery in demand from China
Among the most interesting figures released by China yesterday was the rise in the country's industrial production, which jumped 35.1% in the first two months of the year compared with the first two months of 2020.
Retail sales, which are one of the main indicators of consumption, rose by 33.8%. These increases are thus the largest in several decades for this country.
It should also be remembered that at the end of last week, the World Organization of Oil Exporting Countries published a monthly report revising upwards the forecasts for the rebound in world demand for black gold for 2021. It expects an increase of 5.9 million barrels per day with a total of 96.3 million barrels per day.
In addition to this, the vaccination campaigns that are progressing as well as the U.S. stimulus plan and the policy of restricting supply from OPEC are all factors that have supported the rise in prices in recent days.