The crude oil prices had risen during the deals today, Wednesday for the second session respectively and this came although of high US stocks of the crude oil during the last week however the outage of petrol supplies from Libya cause the support of price levels.
The deferred contracts of the US crude oil are dealt currently at a level of 48.53 per barrel after it’s recorded the highest level at 48.56 dollars / barrel while the today’s session opened at a level of 48.44 / barrel and was at its lowest level of 48.39 dollars / barrel.
The US oil institute announced at yesterday’s end session of its weekly report to indicate to high US stocks of crude oil during last week of 1.91 million barrels which is higher than expectations while the stocks recessed by a million barrels and the refined derivatives reduced by 2.04 million barrels and 1.10 for engine fuel.
The higher price of crude oil came after a source in the national oil company announced that production in the fields of Sherary and Wafa western Libya had stopped by the armed factions which reduced the production by 252 thousand barrels daily, i.e. the third Libyan production which returns the support to price levels under the expectations of contraction of production supplies.
We find that the higher US stocks of crude oil failed in its negative influence on price levels under the support obtained by the concerns of effects on the international oil supplied after the contraction of the Libyan oil supplied.
This in addition to a mutual statement by both Libya and Iran which indicates their support for proceeding in the agreement of reducing production rates until the end of the year.