In the wake of the stock markets, oil prices continued to rise with a barrel of Brent crude oil trading above $55, the highest since February. Black gold, which is benefiting from the clear revival of appetite for so-called risky assets, remains supported by hopes of accelerated global growth with the development of anti-CVD vaccines.It is also supported by the Democratic victory in the U.S. Senate, which reinforces expectations of a larger stimulus package in the United States.

The decision by Saudi Arabia, the world's largest exporter, to cut production by one million barrels per day over the next two months to offset a 75,000 b/d increase by Russia and Kazakhstan, also reassured traders. Faced with the resurgence of the Covid-19 pandemic, the Kingdom, the leader of the Opec, did not want to raise too quickly the production of the alliance, in order to continue to support the oil prices, which have given up 20% in 2020 in the face of falling global demand. Overall, the coalition, which represents half of the world's crude production, will increase its operations at the margin in February and March, with the volume voluntarily withdrawn from the market rising from 7.2 million barrels per day to 7.125 mbd.

Wednesday's announcement of a sharp drop in U.S. crude inventories last week also tends to support crude prices. The barrel of U.S. light crude WTI for delivery in February advances by 1.2 to $ 51.5 on the Nymex, while Brent North Sea for the same period climbs 1.5% to $ 55.2.

"The Saudi decision to make voluntary cuts in its production continues to support prices," says Hiroyuki Kikukawa, managing director of research at Nissan Securities. "The strength of global equities, supported by excess liquidity, is also prompting further buying in oil," adds the specicialist, who nevertheless warns of a possible next correction as the current rally does not reflect the current state of fuel demand and the global economy.