On Friday oil prices has increased in Europe market for the first time in four days, in recovering process from it low levels, but the gains still limited because of the fears about the international displays, especially after OPEC production increased last month and continued acceleration in shale oil production in the United States.
At 8:45 GMT the American crude has increased to the level 44.65 USD for the barrel from the opening level 44.33 USD and record the highest level 44.76 USD and the lowest level 44.31 USD.
And Brent has increased to the level 47.25 USD for the barrel from the opening level 46.79 USD and record the highest level 47.36 USD, and the lowest level 46.79 USD.
The American crude oil has ended yesterday trading “July delivery” with a decreasing by 0.7%, in a third daily losses respectively, recording the lowest level in six weeks 44.21 USD for the barrel, and Brent contracts has losses by 0.3% “July delivery”, recording the lowest closing level in seven months 46.77 USD for the barrel.
On this week the oil prices has lost 3%, and in it way to record the fourth weekly losses respectively, in the longest weekly losses chain since 2015, after the fears about the international displays renewed, especially after increasing of OPEC production last month, and continued acceleration in shale oil production in the United States.
The monthly report of the exporting oil countries “OPEC” which has issued this week observing a increasing in organisation production by 336 thousand barrels daily in last May to the total 32.14 million barrels daily, and this increase because of oil production increasing in LIBYA and Nigeria which they exempted from sharing in the international production decreasing deal.
And the oil national company president in Libya Mustafa Sanalla said that the oil production in the country will increase to the 900 thousand barrels daily during a few days, and we are waiting to be one million barrels daily in the end in the next July.
The Libyan production has increased this week by 820 thousand barrels daily ” the highest level in four years” after it decreasing last week to 618 thousand barrels, especially after the running in EL-Sharara field.
In the United States, the energy information management said on Wednesday that the oil production in the country had increased the last week by 12 thousand barrels daily to the total 9.33 million barrels daily, near the highest production level since August 2015.
And the international energy agency mentioned in the monthly report issued this week that the international crude stocks will not decrease to the five years average till the end of OPEC deal in March 2018, under the expectation of production increases in the United States, Brazil and Canada and that’s will be the highest level in four years.