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Oil: Rise in benchmark contract prices

03/09/2021
Categories: Raw materials

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The barrel of oil points up sharply on Thursday, like the WTI, which rose 2.1% to 70 dollars on the Nymex. In July 2021, crude oil prices on international markets (average Wti, Brent, Dubai), expressed in foreign currency, rose by 70.7%, standing at 72.0 dollars in July 2021, against 42. 2 dollars in July 2020.

The barrel of oil is up sharply on Thursday, like the WTI, which rose 2.1% to 70 dollars on the Nymex (October futures contract). The barrel of Brent due November takes its side 1.9% to $ 73 in London. Black gold prices remain supported by the sharp drop in crude inventories in the United States last week (-7.2 million barrels against an expected decline of 2.5 mb, the lowest in almost two years ) as well as the latest OPEC+ decision. The allies will put an additional 400,000 barrels back on the market in October and the following months, until September 2022. This strategy will make it possible to return to a level of supply comparable to that which preceded the coronavirus pandemic. In July 2021, the Russian central bank increased its key rate by 100 basis points, which now stands at 6.50%, compared to 5.50% previously. The other main central banks kept their key rates unchanged from the previous month, to support the economic recovery.

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