Oil price update

 "Brent" consolidates its gains, approaching $ 83 a barrel, ahead of US inventory data

Oil prices rose during trading on Tuesday, despite the dollar's rise against most major currencies, but crude received support from the "OPEC Plus" decision to maintain production policy.

A survey conducted by "Reuters" revealed that the production of "OPEC" rose by 420,000 barrels per day to 27.31 million barrels per day during this September compared to August.

The "OPEC Plus" alliance announced, at its twenty-first ministerial meeting, the reconfirmation of their production plan, with an increase of 400,000 barrels per day in November.

Later today, the American Petroleum Institute is expected to announce unofficial preliminary data for oil inventories in the United States for last week, while the Energy Information Administration will release its official data tomorrow, Wednesday.

In a separate context, the dollar index (against a basket of major currencies) rose at exactly 16:46 GMT by 0.1% to 93.9 points, and recorded the highest level at 94.07 points and the lowest level at 93.8 points.

In terms of trading, US “NYMEX” crude futures for November delivery rose by 16:42 GMT by 1.9% to $ 79.09 a barrel.

Crude oil hits 7-year high ahead of US stockpiles data

Oil prices extended their rise with the opening of the US market on Tuesday, to continue its gains for the fifth consecutive day, with US crude recording the highest level in seven years, and Brent crude, the highest level in three years. These developments come after the decision of the OPEC Plus alliance to adhere to the current production policy, and this is waiting Traders later today, preliminary data on crude stocks in the United States.

US crude rose 1.4% to the level of $ 78.64, the highest since November 2014, from the opening level at $ 77.56, and recorded the lowest level at $ 77.49, and Brent crude rose by 1.6 percent to the level of $ 82.52 a barrel, the highest since October 2018, from the opening level at $81.26, and the lowest level at $81.20.

When prices were settled yesterday, US crude gained 2.5%, and Brent crude rose 2.7%, its fourth consecutive daily gain.

The Organization of Petroleum Exporting Countries "OPEC" and its allies led by Russia within the framework of the alliance known globally as OPEC Plus announced on Monday that the current production policy will remain unchanged, with full compliance with the current supply ceiling.

The alliance has ignored repeated calls from the United States and India to increase production and curb rising prices to support the recovery of the global economy.

An OPEC source told Reuters that despite the pressure to increase production, the OPEC Plus alliance was concerned that a fourth global wave of the Corona virus could harm the recovery of fuel demand.

Russian Energy Minister Alexander Novak said after the meeting that he believed the market was now balanced and did not need new intervention from producers.

Later today, preliminary data on crude stocks in the United States will be issued by the American Petroleum Institute, amid expectations that stocks will return to decline again. Tomorrow, Wednesday, official data will be issued by the American Energy Agency.

According to the previous weekly report of the Petroleum Institute, US crude stocks rose for the first time in two and a half months, with crude production returning to normal levels in the Gulf of Mexico region after overcoming the damages of Hurricane Ida.