Oil prices remained in the green on Thursday, December 31 for the final session of 2020 after a turbulent year that saw prices plummet due to the COVID-19 pandemic.

The barrel of North Sea Brent for delivery in March, which was the first day of use as a benchmark contract, advanced 0.33% or 17 cents, to $51.80. The U.S. barrel of WTI for the month of February rose 0.24% or 12 cents, to $ 48.52.

The market will be closed on Friday, January 1st, the first day of the year and a public holiday around the world. Over the week, shortened by the end of the year holidays, oil prices rose slightly, benefiting in particular Wednesday, December 30 from the weekly report on the oil reserves of the United States.

"The big surprise is the very high level of U.S. exports, it's proof that demand remains at a solid level despite the re-lockdowns," said Stephen Innes, an analyst at Axi.

Up sharply since the first announcements on COVID-19 vaccines, Brent and WTI climbed 8% and 6.5% respectively in December. But this performance is far from erasing the fall caused by the pandemic, which has plunged fuel and energy consumption. In 2020, the price of Brent lost 22% and that of WTI, 21%.

"Market participants are not about to forget a year they would like to forget: the year when oil prices fell below zero. Like what, with commodities, you should never say never," summed up Phil Flynn of Price Futures Group.

Analysts are looking ahead to 2021, where the outlook for short-term demand is expected to remain bleak, although consumption could pick up with vaccination campaigns. "Prices are set to continue to rise, provided they avoid unpleasant surprises," warned Jeffrey Halley, analyst at Oanda.

Even more optimistic, Phil Flynn says that "with the likely return of demand, the market will be undersupplied by the end of 2021." "The more challenging regulatory environment with a new Biden administration in the U.S. will also hamper the recovery of U.S. oil production," he said, adding that demand will recover before production. This suggests higher prices in 2021 and beyond.

The year of oil will begin on Monday, January 4 with the monthly meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia. At the beginning of December, the member countries had decided to increase their production, which they voluntarily limit, by 500,000 barrels per day, to avoid flooding the market with the two million barrels daily initially planned.