In the aftermath of the OPEC+ summit, oil prices, in particular Brent (reference for Algerian oil) maintained their upward trend. It thus exceeded the bar of 70 dollars a barrel. A barrel of Brent North Sea for delivery in August was worth 70.90 dollars in London, up 0.93% compared to the close of last Friday. As for the barrel of WTI for the month of July, it gained in New York 0.75% to reach 68.32 dollars per barrel. Thus, the barrel of Brent stopped at four cents from its previous high of March 8, 2021 before falling back, when the WTI returned to a price not seen since October 23, 2018.

Oil market observers attribute this bullish trend to the meeting of members of the Organization of the Petroleum Exporting Countries and their 10 allies held on Tuesday June 1 by videoconference, during which they decided to comply with the strategy agreed in April consisting of a gradual increase in oil production.