Oil prices increased in Europe market on Tuesday to get recovered from the lowest level in recorded month from yesterday trading, this came in the middle of the expectation of crude stocks in the United States for the fourth week respectively, under the probability of OPEC extended the dealing of decreasing the international production during it official meeting at the end of this month.
At 9:20 GMT the American crude has increased to the level 49.05 USD for the barrel from the opening level 48.70 USD and it records the highest level 49.12 USD and the lowest level 48.59 USD.
The brent crude up to 51.85 level USD for the barrel from the opening level 51.40 USD and record the highest level 51.91 USD and the lowest level 51.30 USD.
The American crude oil ended the trading yesterday with a decreasing by 1% “June delivery”, to record the lowest level in one month 48.72 USD for the barrel, because of the increasing of American Drilling joints for the fifteen weeks respectively, and brent contracts had lost 0.9 % “July contracts”.
Most of expectation Leeds to a decreasing in crude stocks in the United States for the fourth week respectively, according to data of energy information management which will be issued tomorrow Wednesday, and today unofficial data about crude stocks will be issued by the American oil academy facility.
The organization of the countries who exported the oil “OPEC” will meet in 27 of may, to discuss the development of the conditions in oil markets, in the middle of strong probability to extend the deal about decreasing the international production for another six months and till the end of this year.
This probability will return to continue the international crude stocks higher than the average of five years, adding to the acceleration of the production in the United States to it highest levels within two years, and that Leeds to the difficulty of achieving the balance even in the markets.