Oil prices fell during trading today, Wednesday, and increased their losses, despite the release of US inventory data, which recorded a decline that was higher than expected.
Yesterday, the American Petroleum Institute revealed, in unofficial preliminary data, a decline in oil inventories by about 4.1 million barrels during the same period.
This, and "Reuters" agency, citing informed sources, stated that Saudi Arabia and the UAE were able to resolve the dispute between them over production policy, by setting a higher reference production level for the UAE at 3.65 million barrels per day after the end of the current "OPEC Plus" agreement, which will expire in April. April 2022.
On the other hand, the dollar index fell - against a basket of major currencies - by 17:45 GMT by 0.38% to 92.4 points, and recorded the highest price at 92.8 points and the lowest price at 92.3 points.
In terms of trading, US “NYMEX” crude futures for August delivery by 17:42 GMT decreased by 2.9% to $ 73.07 a barrel, and recorded the highest price at $ 75.4 and the lowest price at $ 72.2.
Brent crude futures for August delivery fell 2.4 percent to $74.6 a barrel, with the highest price at $76.7 and the lowest at $73.7.
- Oil prices fall before the weekly report of the US Energy Agency
Oil prices extended their decline with the opening of the US market on Wednesday, on its way to incurring the second loss in the past three days, due to renewed concerns about Chinese demand, after the decline in crude imports to the second largest oil consumer in the world, and the impact of this overshadowed the preliminary data of the American Petroleum Institute. Inventories showed a decline in the United States for the eighth consecutive week, and traders are awaiting later today official data within the weekly report of the US Energy Agency.
US crude fell by 1.4% to the level of $ 74.11, from the opening level at $ 75.17, and recorded the highest level at $ 75.31, and Brent crude fell by 1.2% to the level of $ 75.32 a barrel, from the opening level at $ 76.24, and recorded the highest level at 76.54 $.
When prices were settled yesterday, US crude gained 1.4%, and Brent crude rose 1.7%, thanks to hopes for demand in the United States.
China's imports of crude oil declined by 3% during the first half of this year compared to the previous year, the first slowdown of its kind since 2013, as refinery maintenance, high global prices and a glut of inventories curbed purchases.
The Eurasia Consulting Group said in a note that the reduction in imports is due to the rise in crude oil prices and the erosion of refineries' profit margins.
On the recent position of the OPEC Plus alliance, Eurasia said, if the group does not agree to increase supplies soon, it is likely that the rise in oil prices will destroy demand in the most cost-sensitive emerging markets, especially demand in India.
In preliminary data, the American Petroleum Institute announced yesterday that commercial stocks in the country decreased by about 4.1 million barrels during the week ending July 9, in the eighth consecutive weekly decline, less than the expectations of experts, a decrease of about 4.9 million barrels.
According to these data, total commercial stocks in the United States decreased to about 445.3 million barrels, which is the lowest level since the week ending February 21, 2020, in a strong sign of withdrawal levels and demand in the largest consumer of fuel in the world.
Later today, traders are awaiting official data on commercial stocks and production levels, within the weekly report of the US Energy Agency, and expectations indicate a decline in stocks by about 4.3 million barrels.
As for US production, it increased by about 200,000 barrels last week, bringing the total production to 11.3 million barrels, which is the highest level since May 2020, and the United States is the largest oil producer in the world.
- Oil prices fall on renewed Chinese demand concerns
Oil prices fell in the European market on Wednesday, on their way to incurring the second loss in the past three days, due to renewed concerns about Chinese demand, after the decline in crude imports to the second largest oil consumer in the world, and the impact of this overshadowed the preliminary data of the American Petroleum Institute, which showed a decline in stocks. in the United States for the eighth consecutive week.
US crude fell 0.7% to the level of $ 74.66, from the opening level at $ 75.17, and recorded the highest level at $ 75.31, and Brent crude fell by 0.4% to the level of $ 75.94 a barrel, from the opening level at $ 76.24, and recorded the highest level at 76.54 $.
When prices were settled yesterday, US crude gained 1.4%, and Brent crude rose 1.7%, thanks to hopes for demand in the United States.
China's imports of crude oil declined by 3% during the first half of this year compared to the previous year, the first slowdown of its kind since 2013, as refinery maintenance, high global prices and a glut of inventories curbed purchases.
The Eurasia Consulting Group said in a note that the reduction in imports is due to the rise in crude oil prices and the erosion of refineries' profit margins.
On the recent position of the OPEC Plus alliance, Eurasia said, if the group does not agree to increase supplies soon, it is likely that the rise in oil prices will destroy demand in the most cost-sensitive emerging markets, especially demand in India.
In preliminary data, the American Petroleum Institute announced yesterday that commercial stocks in the country decreased by about 4.1 million barrels during the week ending July 9, in the eighth consecutive weekly decline, less than the expectations of experts, a decrease of about 4.9 million barrels.
According to these data, total commercial stocks in the United States decreased to about 445.3 million barrels, which is the lowest level since the week ending February 21, 2020, in a strong sign of withdrawal levels and demand in the largest consumer of fuel in the world.
Later today, traders are awaiting official data on commercial stocks and production levels, within the weekly report of the US Energy Agency, and expectations indicate a decline in stocks by about 4.3 million barrels.
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