Oil prices have back down from the highest level in five weeks before OPEC meeting


On Tuesday the international oil prices has back down in the Europe market for the first time in five days, because of collecting profits and correcting processes, after it record in yesterday’s trading the highest level in five weeks, this came at the time that markets waiting for OPEC organisation meeting on Thursday to issue the discussion about extending the international production decreasing deal, and the oil prices facing a negative pressure because of the American president Donald Tramp suggest about buying a part of strategic oil stocks in the country.
At 9:40 GMT the American crude has backed down to the level 50.65 USD for the barrel “July delivery” from the opening level 51.01 USD and record the highest level 51.20 USD, and the lowest level 50.57 USD.
And Brent crude has decreased to the level 53.30 USD for the barrel from the opening level 53.74 USD and record the highest level 53.93 USD and the lowest level 53.21 USD.
The American crude oil has ended yesterday trading “July trading” with an increasing by 0.3%, in the fourth daily gain respectively, and Brent contracts has recorded the highest level in five weeks 54.35 USD for the barrel “July contracts”, by the support from the Saudi energy minister remarks Khaled Alfateh.
 On Sunday Khaled Alfateh said that all the shares producers in production decreasing deal, are agreeing to extend the decreasing for another nine months until March 2018.
And after the parley session in Baghdad with the Saudi minister the Iraqi oil minister Jabbar Al-Luaibi said that his country is agreed for the production decreasing deal extended for another nine months.
 The organisation of oil exporting countries “OPEC” is meeting on Thursday at the ministerial level in Vienna to discuss the extended of international production decreasing deal, which ended officially in the next June, and for sure the deal will extend until the end of first quarter 2018, after the almost shares producers agreed to the deal.
On Monday the American president Donald Tramp suggest buying the half of strategic spare oil in the country, to help in decreasing the external debt, to strengthen the function of the American government in the energy markets.