The surge in prices resulting from the paralysis of Saudi production, hit in its heart by an attack of drones claimed by the insurgents, will have been only of short duration. Aramco’s teams quickly returned to a standardized level of crude oil production, imputed at 6% worldwide. In other words, the increase in oil prices has been only been fully and completely retraced in ten sessions.

While the geopolitical situation in the Middle East remains tense, it seems clear that it is still linked to the concerns related to world crude oil demand. Macroeconomic indicators on both sides of the Atlantic are falling, reflecting the image of the ISM Manufacturing Index which emerged at 47.8, indicating a contraction in industrial activity. Pessimism therefore prevails in the short term and operators seem insensitive to the decline in OPEC production, which has fallen to an eight-year low Technically, on a daily basis, prices return to test the major support located in the 57-58 USD zone. This will have to mobilize buyers or risk assisting; an extension of the decline towards the next relevant levels, at 53 USD.