Around 11:40 a.m., Brent took 0.44% to 94.84 dollars. A barrel of US West Texas Intermediate (WTI) for November delivery gained 0.47% to 88.87 dollars.
Oil prices rose to their highest in nearly a month on Friday following a week of consecutive increases, with voluntary OPEC+ production cuts offsetting a gloomy macroeconomic outlook.
Around 09:40 GMT (11:40 CET), a barrel of Brent from the North Sea for delivery in December took 0.44% to 94.84 dollars.
A barrel of US West Texas Intermediate (WTI) for November delivery gained 0.47% to 88.87 dollars.
Earlier in the session, Brent hit $95 and WTI $89.37, highs since mid-September.
The Organization of the Petroleum Exporting Countries (OPEC+) decided on Wednesday to drastically cut its quotas, which might “be a turning point for the market”, warn analysts at ANZ.
“Production was already limited by several disruptions, including European sanctions on Russian oil which should take effect in December,” they add.
As a result, prices “might break out of the negative trend they have been in since June,” said Han Tan, an analyst at Exinity.
Over the summer, crude oil prices plummeted with the prospect of less sustained global economic activity and therefore less marked growth in demand for black gold.
“Despite the recent rise in prices, we believe that they would have to be even higher for demand to start to suffer,” said Mark Haefele, analyst at UBS.
The OPEC+ decision is also a political headache and a diplomatic snub for US President Joe Biden, who is trying to stem inflation and pump prices in the United States ahead of the mid-elections. mandate in November.
“There is little room for maneuver on the world oil market, with little unused extraction capacity and depleting reserves,” warns Mr. Haefele.
