On Wednesday the oil prices has increased in Europe market according to the decreasing in crude stocks in the United States to the lowest level within three months according to the American oil academy data, and the dealers are waiting today for the official data about the stocks and that issued by the American energy information management, this come at the same time that OPEC extended the deal of decreasing the production to the first half of 2018.
At 9:30 GMT the American crude has increased to 46.35 USD for the barrel from the opening level 46.20 USD and record the highest level 46.44 USD and the lowest level 46.00 USD.
Brent crude has increased to 49.15 USD for the barrel from the opening level 48.92 USD and record the highest level 49.27 USD and the lowest level 48.80 USD.
The American crude while the trading yesterday at “June delivery” has losses by 0.7%, while the Brent contracts have decreased at “July contracts” by 1%, because of the increasing of oil production in Libya to the highest level in more than two years.
On Monday the oil national company in Libya said that oil production in the country increased from 700 thousand barrels daily in April to 796 thousand barrels daily in May and that is the highest level since the last of 2014.
In the industrial data the American oil academy issued yesterday about decreasing in crude stocks in the country by 5.8 million barrels at the last week which ended on 5 May, and the experts expected a decreasing by 1.8 million barrels.
According to this data, the total stocks now is about 547 million barrels, and that’s the lowest level since the last week which ended in the last 24 February, and there is a positive sign that the biggest oil customer in the world its demand levels will be improved.
The dealer is waiting today for the official data about the stocks that will be issued by the American energy information management, and the expectation Leeds to a decreasing by 2.0 million barrels, in the fifth weekly decrease respectively.
The countries organised that export the oil “OPEC” are officially meet at 25 of the current May, to discuss the conditions development in oil markets, especially after the difficult of achieving the balance between the demand and supply, and the international crude stocks are continuing at the highest five years average, and the acceleration of oil shale production in the United States to its highest level in two years.
According to The to Saudi energy minister remarks, the international organisation are going to extend the deal about decreasing the international production for another six months till the end of this year, and it may extend to the first half of 2018.
The Russian energy minister mentioned that extending the deal of decreasing production for a long time will help in accelerating the re-balancing process in the market.