Oil prices continued to decline with the opening of the American market on Friday, in the process of incurring the first loss in the last three days. This decline comes under pressure from the growing fears of increasing production by the OPEC Plus alliance during the last quarter of this year, and this comes in conjunction with indications that the supply shortage crisis has receded. in the United States.
US crude fell by 1.1% to the level of $ 74.25, from the opening level at $ 75.06, and recorded the highest level at $ 75.55, and Brent crude fell by 1.2% to the level of $ 77.58 a barrel, from the opening level at $ 78.50, and recorded the highest level at 78.84 $.
When settling Thursday, US crude gained 0.5%, and Brent crude rose 0.2%, in the second consecutive daily gain.
Over the course of last September's trading, international oil prices achieved an average increase of 9.5%, the largest monthly gain since last February, due to fears that the market would turn into a deficit during the last quarter of this year.
Traders' eyes are turning to the meeting of the Organization of Petroleum Exporting Countries "OPEC" and its allies from independent producers, led by Russia, with what is known globally as the "OPEC Plus" alliance, next Monday, to discuss setting production levels in November and December.
After prices rose to the highest level in nearly three years, in conjunction with the mounting pressure of the US administration to curb prices, speculations that the OPEC Plus alliance would increase production during the next two months by more than the previously scheduled increase of 400,000 barrels per day.
The United States on behalf of the White House, "Jane Psaki," said on Tuesday that the administration of President "Joe Biden" is in constant contact with OPEC regarding oil prices, and is discussing all available ways to address its high cost.
These statements renewed concerns about the continued pressure of the US administration, the OPEC Plus alliance, with the aim of increasing production and curbing prices that impede the recovery of the global economy.
The US Energy Agency announced on Wednesday that commercial stocks in the country increased by about 4.6 million barrels, during the week ending September 24, in the first weekly increase in two months, contrary to the expectations of experts, a decrease of about 2.5 million barrels.
As for US production, it increased last week by about 500,000 barrels per day, in the third consecutive weekly increase, bringing the total production to 11.1 million barrels, thanks to the return of supplies in the Gulf of Mexico to pre-Hurricane Ida levels.
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