Oil prices extended their rise with the opening of the American market on Thursday, to rise by more than 3%, to rebound strongly from the lowest level in several weeks, compensating most of its losses incurred yesterday, on the verge of achieving the first gain in the last three days, and this comes before the decisions of the meeting were issued The monthly OPEC Plus alliance, which is intended to determine production levels for next December.
American crude rose more than 3.1% to the level of $ 82.66, from the opening level at $ 80.13, and recorded the lowest level at $ 79.77, and Brent crude rose about 3.0% to the level of $ 83.90 a barrel, from the opening level at $ 81.55, and recorded the lowest level at $81.10, the lowest since October 7.
When prices were settled on Wednesday, US crude lost 3.5%, in the second consecutive daily loss, and the largest daily loss since last July 19, and recorded its lowest level in three weeks at $ 79.72 a barrel, and Brent crude fell by 3.4%, with the largest loss daily for the last four months.
This heavy loss is attributed to the weekly report of the US Energy Agency, in addition to the announcement of the resumption of talks on Iran's nuclear program.
The monthly meeting of the joint ministerial committee of the "OPEC Plus" alliance will start later today to discuss new developments in the market, and to determine production levels for the month of December.
And according to the news reported about this meeting, the coalition is expected to reaffirm its plans to maintain the previously agreed-upon monthly increase, and not respond to the continuing pressure from the US administration to raise supplies.
Yesterday, the US Energy Agency announced that commercial stocks in the country rose by about 3.3 million barrels, during the week ending October 29, in the second consecutive weekly increase, exceeding experts' expectations of a rise of about 1.9 million barrels.
According to these data, total commercial stocks in the United States rose to about 434 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.
As for US production, it increased last week by about 200,000 barrels per day, bringing the total production to 11.5 million barrels, which is the highest level since the week ending August 27.
Iran and the six world powers will start talks on reviving the 2015 Iran nuclear deal on November 29. If those talks succeed this time, economic sanctions on Tehran's oil exports are expected to be lifted.
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