On Thursday the oil prices in the Europe market has stabled near the highest level in three weeks after the prices yesterday found the support from the decreasing in crude stocks to the lowest level in three months in the United States, and American oil production has back down for the first time since the last January.
At 8:15 GMT the American crude is trading at the level 48.90 USD for the barrel from the opening level 48.95 USD and record the highest level 49.12 USD and the lowest level 48.77 USD.
Brent crude is trading at the level 52.10 USD for the barrel from the opening level 52.06 USD and record the highest level 52.23 USD and the lowest level 51.87 USD
The American crude oil has ended the trading yesterday “June delivery” with an increasing by 1.5% and the crude has recorded at the last week trading the highest level in three weeks 49.63 USD for the barrel, and Brent contracts “July delivery” has raised by 1.7%.
The American energy information management has issued yesterday a decreasing in county crude stocks by 1.8 million barrels, during the week which ended in 12 of May, and that’s the sixth weekly decrease respectively.
According to this data, the stocks total now is 551.8 million barrels, and that’s the lowest level since the week which ended in the last 24 of February, in a positive mark for improvement the demand level as they are the biggest oil customer in the world.
And the American oil production has decreased last week by 10 thousand barrels daily to the total 9.30 million barrels daily, and that’s the first weekly decreasing since the last January.
“OPEC” The countries organisation which they exports the oil are officially meeting in 25 of current May, to discuss the development of the condition in the market, especially after the difficult of achieving the hoping balance, and the international crude stocks are continuing their highest five years average, and accelerating the oil shale production in the United States to the highest level in two years.
And the international organization according to the deal between KSA and Russia is getting forward to extending the production decreasing deal this week until the end of the first quarter next year.
KSA and Russia were the biggest oil producers in the world and on Monday in Beijing they agreed on the necessity of extending the international production decreasing deal by 1.8 million barrels daily for another nine months ended in March 2018.