Oil prices continued their ascent on Tuesday, after recovering in recent days to their level at the start of the pandemic, supported by geopolitical risk in the Gulf and leaving aside the gloomy demand outlook.

A barrel of Brent North Sea oil for February delivery rose 0.93% or 47 cents in London to $50.76.

The US barrel of WTI for the month of January, for its part, appreciated by 1.34% or 63 cents to 47.62 dollars.

The International Energy Agency (IEA) expects oil consumption to rebound less than expected in 2021, mainly due to a downward revision in demand for aircraft fuel.

After similar forecasts from the Organization of the Petroleum Exporting Countries (OPEC), “a consensus is starting to emerge among major energy agencies: the rebound in demand expected from early next year may not happen. only in the second half," summarized Tamas Varga, analyst at PVM.

While oil consumption has plummeted with the Covid-19 pandemic and containment measures that have limited travel and economic activity around the world, crude prices have rebounded since early November thanks to successive announcements on vaccines, allowing Brent to rise above the symbolic threshold of 50 dollars per barrel.

The gloomy forecasts for demand in 2021, like the announcements of restrictive measures in several regions of the world, did not, however, throw off the prices of black gold on Tuesday.

"Very clearly, dollar weakness and geopolitical risk" are supporting prices, Varga explained.

The greenback is moving close to its lowest in two and a half years against other major currencies. The low cost of the price reference currency makes the purchase of oil less expensive for investors using other currencies.

On the geopolitical side, an oil tanker was the target of a boat bomb attack on Monday near a port in Jeddah in Saudi Arabia, the world's largest exporter of crude oil, authorities said.

The attack was not immediately claimed. But in recent months, Houthi rebels in neighboring Yemen have stepped up attacks on Saudi Arabia in retaliation for the country's military campaign in support of the Yemeni government.

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