The point on the oil market in the middle of the week:
Thus and after this major publication and very followed by the investors, the barrel of oil Brent of the North Sea for delivery in July finished the session of this Wednesday, May 26 at 68.87 dollars on the market of London that is to say a rise of about 22 cents or 0.32% compared to its closing of the day before.
As for U.S. crude, a barrel of WTI for July delivery ended the day at $66.21, up 14 cents or 0.21% from Tuesday's close.
It is of course the data from US stocks that caused this slight recovery in prices. Recall that the weekly data on crude oil inventories in the United States that were published yesterday by the EIA or U.S. Energy Information Agency showed that commercial reserves were down by 1.7 million barrels, even though experts were expecting a drop of only 1 million barrels.
At the same time, gasoline inventories fell, reinforcing the feeling that fuel demand is on the rise as the summer travel season begins in the country, starting in the U.S. on the Memorial Day holiday on May 31.
Iranian Nuclear Negotiations Closely Watched:
Today, however, oil investors continue to follow the ongoing Iranian nuclear negotiations closely and with some concern. Indeed, the simple fact of envisaging an imminent return of the oil supply of Iran currently slows down a possible explosion of the prices of the crude oil as indicated by certain analysts specialized in the black gold.
It should be remembered that for the moment, the United States is applying an embargo on the Iranian oil industry. However, an improvement in relations between the two countries could lead to an easing of these sanctions and therefore to the arrival on the market of a very large volume of oil, which would help to lower the price.
Finally, it should be noted that the barrel of oil has also benefited from a weak dollar, which makes it cheaper, but also from the health situation, which is closely followed by investors in this commodity and which has tended to improve in recent weeks. Unfortunately, the Indian variant of the coronavirus which was detected in India for the first time has been officially reported in 53 other countries as announced by the WHO in a report published yesterday. This bad news can therefore lead to fears of the worst.