Oil prices regained momentum on Tuesday, in the wake of the stock market and a weakening dollar, boosted by the prospect of more economic support in the United States.

Investors were also reassured by the latest monthly report from the International Energy Agency (IEA), which estimates that demand will pick up again in 2021, although less than expected.

A barrel of Brent North Sea oil for March delivery gained 2.10% or $1.15 from the previous day's close at $55.90.

WTI's US barrel for February rose 1.18% or 62 cents to $52.98.

The trajectory of crude prices, timidly higher at the start of the session, accelerated when Janet Yellen, the future Treasury Secretary, appointed by Joe Biden, argued vigorously before a congressional committee for the increase in spending. aid to the economy, postponing the management of the deficit.

You have to "think big", argued Ms. Yellen during her big oral in front of American senators. “The pandemic has devastated” the American economy, she recalled. "The damage is enormous (...), our response must be too".

A dollar down against a basket of other major currencies and the euro (-0.37% at 8:00 p.m. GMT) was also favorable to commodity trading.

The IEA report released on Tuesday also gave rather optimistic comments for the strength of the recovery in demand for black gold, but revised its volume slightly downwards, by 0.6 million barrels per day. for the first quarter and some 0.3 million for the year as a whole.

Global demand is now expected to rebound by 5.5 million barrels per day (mb/d) in 2021, to 96.6 mb/d after falling 8.8 mb/d last year.

The weekly US Oil Inventories report will not be released until Friday 22 at 4:00 p.m. GMT, instead of the usual Wednesday, due to President Joe Biden's inauguration ceremonies.

"It will take longer for oil demand to fully recover as new lockdowns in a number of countries weigh on fuel sales," the IEA noted.

“It is not surprising, given comments from the Organization of the Petroleum Exporting Countries (OPEC) last week, that the IEA has reduced its forecast for oil demand in 2021”, reacted Stephen Innes, of Axi.

The members of the cartel and their allies opted for caution at the start of the year in the face of the still active circulation of Covid-19 and despite the start of vaccination campaigns around the world.

The prices of the two crude benchmark contracts nevertheless remain at a relatively high level, not far from their last highs since the end of February 2020, hit last Wednesday at $57.42 and $53.93 per barrel respectively.