Oil prices has increased in the Europe market on Tuesday and in its way to achieving the second gain during three days, because of OPEC and independent producers extended to decrease the international production till 2018, adding to the expectation about continue decreasing of crude stocks in the American United States, but it limit the gains of increasing the oil production in Libya to the highest level in two years.
At 9:05 GMT the American crude increased to 46.65 USD for the barrel from the opening level 46.48 USD and recorded the highest level 46.76 USD and the lowest level 46.26 USD.
And Brent Crude has increased to 49.55 USD for the barrel from the opening level 49.40 USD and record the highest level 49.71 USD and the lowest level 49.17 USD.
Oil prices have ended yesterday trading stability without any changes mentioned, and that after it achieved an increased by 2% on Friday, because of the bounces from the lowest level in six months.
Within the last week, the oil prices have lost by 5.5%, and that’s the third weekly losses respectively, because of the increasing of the fears about the oil production in the American United States.
The Saudi energy minister Khaled Alfaleh said on Monday that OPEC may extend the deal about decreasing the oil production till 2018 after the discussions with almost producers Participants in the agreement.
And the Russian energy minister Alexander Novak said ” his country discussing lots of scenarios, and he think that extends of decreasing the production for a long time will help speed up the process of re-balancing the market.
And the resources in OPEC said the international organization and independent producers studying the extended of a current deal about decreasing about 1.8 million barrels for a long time from six months till the first half of 2018.
Today an industrial data will be issued about the crude stocks in the United States issued by the American oil academy, in the middle of the expectation about the decreasing of the stocks for the second week respectively, and tomorrow an official data will be issued by the American energy information management, the expectation Leeds to an decreasing by 2.0 million barrels, in the fifth weekly decreasing respectively.
On Monday Mustafa Sanalla the president of the oil national company in Libya said in an official statement that oil production in his country increased from 700 thousand barrels in the end of April to 796 thousand barrels daily in current May, and that’s the highest level in production during two years.