Brent ended up 0.93% at $50.76 and WTI ended up 1.34% at $47.62.

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

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

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

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

After similar forecasts from the Organization of Petroleum Exporting Countries (OPEC), “a consensus is beginning to emerge between the major energy agencies: the expected rebound in demand from the beginning of next year may only come in the second half of the year,” summarised Tamas Varga, an analyst at PVM.

While oil consumption has fallen with the COVID-19 pandemic and lockdown measures that have limited travel and economic activity around the world, crude prices have rebounded since the beginning of November thanks to successive vaccine announcements, allowing Brent to rise above the symbolic threshold of 50 dollars per barrel.

However, gloomy demand forecasts in 2021, such as announcements of restraint measures in several regions of the world, did not upset oil prices on Tuesday.

“Very clearly, the weakness of the dollar and geopolitical risk” are supporting prices, explained Mr. Varga.

The greenback is trading near its lowest in two and a half years against the other major currencies. The low cost of the reference currency makes it cheaper for investors using other currencies to buy oil.

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

There was no immediate claim of responsibility for the attack. But in recent months, Houthi rebels in neighboring Yemen have intensified attacks on Saudi Arabia in retaliation for the country's military campaign in support of the Yemeni government