Oil prices rose during trading on Wednesday, amid following up on the latest developments in the supply of crude, and in light of geopolitical tensions in Europe and the Middle East.
The futures contracts for benchmark Brent crude for March delivery recorded a growth of 1.19%, or the equivalent of $1.04, to reach $88.55 a barrel.
The US NYMEX Intermediate crude contracts for February delivery also rose by 1.28%, or the equivalent of $1.09, at the level of $86.52 a barrel.
For his part, Edward Moya, chief analyst at foreign exchange trading company OANDA, said in a note reported by Reuters that (OPEC +) is failing to reach its quotas. of production, and if geopolitical tensions continue to escalate, Brent crude will not need a major boost until it reaches $100 a barrel.
Despite the geopolitical tensions and the outbreak of omicron, the Organization of the Petroleum Exporting Countries, in its monthly production report issued yesterday, kept its forecast for global oil demand this year at 100.8 million. barrels per day.
In a separate context, the White House announced that the administration of US President Joe Biden is working with oil-producing countries to ensure increased supply and meet demand, in conjunction with the rise in crude prices to the highest level in the world. Seven years.
