Oil prices have returned to levels not seen since October 2018. Many traders see oil remaining above $70 a barrel for the foreseeable future.

This week, after touching $74.96 and $72.99 respectively on Wednesday, Brent and WTI ended Friday at $73.51 with Brent up 0.59% or 43 cents from the close. from Thursday and at $71.64 for WTI, gaining 0.85% or 60 cents. Boosted by hopes of economic recovery and a surge in US demand. Over one year, the barrel of Brent rose by 110% when the American reference jumped by 103%. The first signals of a post-pandemic economic recovery and the OPEC+ strategy of containing the reopening of the floodgates are fueling this rise.

It must be said that the barometer is looking good for the prices of the main global black gold references. In its latest report, the International Energy Agency (IEA) anticipates, by the end of 2022, a global demand for oil which should exceed the peaks observed before the pandemic. Global oil demand is expected to be 100.6 mb/d in the fourth quarter of 2022, the IEA predicts. The agency even notes a supply shortage from the second half of this year.

Crude storage tanks that overflowed a year ago are beginning to empty at the main US distribution center, according to Bloomberg, the latest sign of stronger demand in the world's largest oil-consuming country. world. For the first time since before the pandemic, empty tanks are being offered for rental at Cushing, Oklahoma, the delivery point for WTI oil futures. Empty tanks are typical of a market where demand exceeds supply.