(New York) Oil prices strengthened significantly on Thursday, with operators reviewing their analysis of the position of OPEC, likely, according to them, to give up on increasing its production if market conditions justify it.

Around 1:40 p.m., the price of a barrel of North Sea Brent for delivery in August appreciated by 1.82%, to $79.87.

A barrel of American West Texas Intermediate (WTI), due in July, gained 2.09% to $75.62.

“We had a nervous breakdown when OPEC announced (Sunday) the possible end of certain production cuts in the fourth quarter,” recalled Phil Flynn, of Price Futures Group. “And now they’re trying to explain to people that it’s not a certainty. »

The Organization of the Petroleum Exporting Countries (OPEC) and its allies in the OPEC agreement had indicated that voluntary commitments made by some members, to the tune of 2.2 million barrels per day, would be gradually lifted from October .

The Saudi Minister of Energy, Abdelaziz bin Salman, affirmed on Thursday that the initial interpretation of the market was “errone” during the International Economic Forum in Saint Petersburg, Russia.

“Sometimes the market does not understand certain decisions,” added his Emirati counterpart Mohammed Al-Mazrouei during the same event, according to comments reported by the Tass agency. “It takes time to analyze them. »

For Phil Flynn, black gold prices were also encouraged by the decision of the European Central Bank (ECB) to lower its main key rate from 4% to 3.75%, its first cut in five years .

“This increases the likelihood of a rate cut by the Fed (American central bank), which supports oil,” because this augurs a more favorable context for energy consumption and demand, according to the analyst.

Phil Flynn also noted the renewed tension between Russia and the West, after the United States recently formally authorized Ukraine to use American weapons to strike targets on Russian territory.

On Wednesday, Russian President Vladimir Putin threatened to deliver weapons to third countries likely to hit Western interests, in response to this green light.

Operators also put into perspective their concerns about the health of demand, after noting, in the weekly report from the American Energy Information Agency (EIA), that gasoline deliveries to the United States remained high. .

As for American refineries, they are operating almost at maximum capacity (95.4%), the highest in a year.