After the fine rise to 68.69 dollars on June 1, the price of a barrel of oil managed to reach a record not seen for two and a half years on Monday. Oil prices benefit from the conjunction of three factors: l hope for a normal summer in the United States, an offer contained by the concerted action of OPEC+, and the absence of reaction from oil companies outside the alliance. Two factors in particular explain this dynamic: on the one hand, the recovery in demand, on the other, a contained supply of hydrocarbons. According to Tamas Varga, an analyst at PVM, the action of OPEC+ to limit supply and vaccination programs around the world have allowed to deplete part of the world's crude stocks, which explains the rise in prices.

The number of active wells in the United States did not increase last week, data from Baker Hughes shows, a sign that shale oil operators have not jumped on rising prices to increase production . In addition, negotiations are slipping on the Iranian nuclear deal. If the United States lifts sanctions against the country, the founding member of OPEC plans to massively increase its production, at the risk of flooding the market.

Brent exceeds $72 in London
Brent prices rose, recording levels not seen in more than two years, driven by the recovery in demand in the face of contained supply. This contract, a European benchmark, reached $72.27 in London on Monday, its highest since May 2019. The price increase is starting to have an effect on buyers. According to data from China Customs, oil imports increased in yuan invested, but the volume of crude imported actually fell sharply in millions of barrels, according to calculations by the Bloomberg agency.

US WTI tops $70 for first time in 2.5 years
The price of a barrel of WTI, the benchmark for crude oil in the United States, briefly reached $70 on Monday, a first for two and a half years, driven by the recovery in demand in the face of contained supply. During the Asian session, the barrel of WTI for July delivery barely reached a level not seen since October 2018, before falling back slightly.