Brent ends on a rise of 29 cents to 64.49 dollars and the WTI closes on a gain of 15 cents to 58.23 dollars.
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Oil prices finished higher on Tuesday, rebounding after five consecutive sessions of decline and on the eve of the signing of a trade agreement between the United States and China.
In London, a barrel of Brent North Sea crude for March delivery rose 29 cents, or 0.5%, to close at $ 64.49.
In New York, US WTI barrel for February gained 15 cents, or 0.3%, to finish at $ 58.23.
Crude prices have mostly benefited, according to John Kilduff, from Again Capital, of a technical rebound while prices have fallen sharply in the last five sessions and the price of WTI has approached its average of the last 200 days.
But investors also continue, he said, to hope that the appeasement of trade between the United States and China, which should materialize on Wednesday by the signing of a partial trade agreement in Washington, will allow the world economy to recover more vigorously forward and bring with it the energy demand.
In addition, the specialist said, “according to certain rumors, the Organization of the Petroleum Exporting Countries and its partners could postpone their next meeting until June” on the agreement committing them to limit their production.
“It would mean that the cuts they agreed to in December would automatically be extended until then,” said Kilduff.
These countries are expected, for the time being, to meet in Vienna on March 5 and 6 to decide on the agreement to voluntarily reduce their production of black gold intended to balance the market and support prices.
Another factor that could contribute to the rise in prices on Tuesday: the American Energy Information Agency (EIA) revised upwards in a monthly report its forecasts of Brent and WTI prices in 2020, now expected at respectively about 65 dollars and 59 dollars on average over the year.
Market participants also continue to monitor the situation in the Middle East, a sudden escalation of tensions between Washington and Tehran followed by an equally rapid appeasement which severely rocked the price of black gold last week.
They will also scrutinize the EIA’s weekly oil supply figures for the United States on Wednesday.
According to the median of a consensus established by the agency Bloomberg, analysts expect an increase in crude stocks of 1.1 million barrels, an increase of 3.3 million barrels for those of gasoline and to an increase of 1.7 million for other distilled products (heating oil and diesel), for the week ended January 10.
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