The price of the American West Texas Intermediate (WTI) barrel for February gained 2.42% on its side to $75.19.
For its part, the value of a barrel of Brent from the North Sea for delivery in March gained 1.90% and was once again above $80 per unit ($80.06).
Shale oil production in the United States was reduced “due to a cold wave in several regions,” DNB analysts explained.
The cold affected wells in North Dakota and Texas, Matt Smith of Kpler told AFP.
On the other hand, “markets remain cautious in the face of supply disruptions in and around the Red Sea,” recalled Michael Hewson, analyst at CMC Markets.
In the fourth month of war between Israel and Hamas, the risks of a regional escalation of the conflict persist. The Pentagon announced Saturday that it “destroyed” an anti-ship missile launched by Yemen’s Houthi rebels who, supported by Iran, attack merchant ships in the Red Sea and the Gulf of Aden.
Additionally, the Kremlin accused Kiev on Monday of attacking a gas terminal near St. Petersburg on Sunday. “With this Ukrainian drone attack, it adds a new element to geopolitical tensions,” which puts upward pressure on prices, Smith added.
Source: With information from AFP
