(News Bulletin 247) – The November contract on North Sea Brent is gaining further ground this Tuesday, crossing $95 per barrel, driven by the mismatch between supply and demand on the market. Several specialists see it soon exceeding 100 dollars.

Oil continues its fantastic rise. The prices of black gold increased once again this Tuesday morning with the November contract on Brent from the North Sea which rose 0.5% to 94.93 dollars per barrel around 9:40 a.m., after having crossed the threshold several times. psychological threshold of 95 dollars per barrel in the morning.

WTI listed in New York and for delivery in October rose 1.2% to $92.56 per barrel. Over one month, WTI jumped by 15% and Brent by 12.2%.

This upward movement was triggered by Saudi Arabia, which to finance colossal investments, acted to raise prices by extending the decline in its production until the end of the year. What Russia also did.

“Few signs of shortness of breath”

These extensions will lead to a supply side deficit for the fourth quarter, a shortage that the International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) have recently warned about.

The price of black gold may not stop there. “The rise shows little sign of letting up. Unless economic data deteriorates, oil could hit $100 before long,” predicts Oanda’s Craig Erlam.

“The fundamentals are very, very strong right now,” Amrita Sen, head of research at consultant Energy Aspects, said on Bloomberg Television. “At this point, it’s a short-term question. I’m not saying it’s going to go above $100 on average, but could it hit $100 for a while? Absolutely yes,” he said. he elaborated.

Chevron CEO Mike Wirth estimated, also on Bloomberg TV, that the price of a barrel could cross $100. “It will certainly move in this direction, supply is tightening, stocks are drying up,” he explained on television.

“Options markets now assess the probability that Brent will remain above $90 per barrel by January 2024 at 45%, with the risk that oil will be revalued upwards,” notes Stephen. Innes of Spi Asset Management. “However, many oil market participants believe OPEC+ is unlikely to seek prices above $100 per barrel, but see recent developments as posing upside risks in the short term. term on their forecasts,” he explains.