The oil prices rose slightly on Monday, driven by the possible end of the budget paralysis in USA.
The price of Brent barrel from the North Sea, for delivery in Januaryincreased 0.39% to $64.06.
Its American equivalent, the barrel of West Texas Intermediate (WTI), for delivery in Decembergained 0.68% to $60.13.
What factors drive the rise in oil prices?
Traders are clinging to the hope that American legislators assign soon funds to the government federal – partially closed since October 1 -, news perceived as positive for the crude oil demand.
In the geopolitical sphere, “the intensification of ukrainian attacks“against the russian oil facilities could also “exercise upward pressure on prices,” said Gregory Brew of Eurasia Group.
- Last month, USA imposed sanctions to the two largest Russian oil producers –Rosneft and Lukoil – due to Russia’s refusal to end the war in Ukraine. And it has asked purchasing countries to “disengage” from Russian energy sources.
What expectations do operators have about the oil market?
However, Bart Melekof TDties, told AFP that the government of donald trump does not seem “really willing to significantly restrict the world’s oil supply.” He cited last week’s exemption to Hungary, which relies heavily on Russian crude, as revealing.
At the same time, operators await the publication in the middle of the week of several informationincluding the monthly from the Organization of the Petroleum Exporting Countries and its allies (Opec++), as well as the global outlook for supply and demand of the International Energy Agency (IEA).
