Oil prices remained in the green on Thursday, December 31, for the final session of 2020 after a turbulent year that saw prices melt due to the COVID-19 pandemic.

The barrel of Brent from the North Sea for delivery in March, which was the first day of use as a benchmark contract, advanced 0.33%, or 17 cents, to 51.80 dollars. For its part, the American barrel of WTI rose by 0.24% or 12 cents to 48.52 dollars

The market will be closed on Friday, January 1, the first day of the year and a public holiday around the world. Over the week, shortened by the holiday season, black gold prices rose slightly, taking advantage of the weekly report on US oil reserves on Wednesday, December 30

“The big surprise is the very high level of American exports, it's proof that demand remains at a solid level despite the lockdowns,” said Stephen Innes, an analyst at Axi.

Rising sharply since the first announcements on COVID-19 vaccines, Brent and WTI climbed 8% and 6.5% respectively in December. But this performance is far from erasing the fall caused by the pandemic, which caused fuel and energy consumption to plummet. In 2020, the price of Brent fell 22% and that of WTI, 21%

“Market players are not going to forget a year they would like to forget: the year when oil prices fell below zero. So when it comes to commodities, you should never say never,” summarised Phil Flynn of Price Futures Group

Analysts are looking to 2021, where the short-term demand outlook is expected to remain lackluster, even though consumption may pick up with vaccination campaigns. “Prices are poised to continue to rise, provided we avoid unpleasant surprises,” warned Jeffrey Halley, an analyst

Even more optimistic, Phil Flynn says that “with the likely return of demand, the market will be undersupplied by the end of 2021.” “The more challenging regulatory environment with a new Biden administration in the United States will also hamper the resumption of American oil production,” he says, adding that demand will recover before production. This suggests higher prices in 2021 and beyond.

The oil year will start on Monday, January 4, with the monthly meeting of the Organization of Petroleum Exporting Countries (OPEC) and its partners, including Russia. At the beginning of December, member countries decided to increase their production, which they voluntarily limit, by 500,000 barrels per day, to avoid flooding the market with the two million barrels