Oil prices fell in the European market on Wednesday, to continue their losses for the second day in a row, after preliminary data by the American Petroleum Institute showed a significant increase in crude stocks in the United States, and traders are awaiting later today, official data within the weekly report of the American Energy Agency, and prices are also declining Because of the mounting pressure from the administration of US President "Joe Biden" on the OPEC Plus alliance to increase production before the monthly meeting tomorrow, Thursday.
US crude fell by about 1.0% to the level of $ 82.20, from the opening level at $ 83.01, and recorded the highest level at $ 83.05, and Brent crude fell by 1.1% to the level of $ 83.13 a barrel, from the opening level at $ 84.02, and recorded the highest level at 84.18 $.
When prices were settled on Tuesday, US crude lost 0.9%, and Brent crude fell by 0.5%, due to mounting pressure on OPEC Plus to increase production.
In preliminary data, the American Petroleum Institute announced yesterday that commercial stocks in the country rose by about 3.6 million barrels during the week ending October 29, in the sixth consecutive weekly increase, exceeding experts' expectations of a rise of about 0.3 million barrels.
According to these data, total commercial stocks in the United States rose to about 438 million barrels, which is the highest level since the week ending August 13, in a negative sign about the levels of domestic demand and withdrawals 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 that stocks will rise by about 1.9 million barrels.
It was reported that US President Joe Biden led calls from the major global economies for the OPEC Plus alliance to increase production beyond what had already been agreed upon, and the US administration used this to support the recovery of the global economy and rein in oil prices.
And President Joe Biden, during his speech at the climate summit in Glasgow, blamed the rise in oil and gas prices on the refusal of OPEC Plus countries to pump more crude.
It is scheduled to meet the Organization of Petroleum Exporting Countries "OPEC" and its allies from independent producers, led by Russia, the alliance known globally as OPEC Plus, tomorrow, Thursday, to determine production levels for next December.
Expectations still indicate that the alliance will continue to adhere to the current production policy, without approving any new increases in supplies, despite mounting American pressures to increase supply.
0 Comments