On Wednesday the oil prices are stable after widely losses during two days and recorded it the lowest level in seven months, this came after the unofficial data has issued in the United States observed a decreasing in crude stocks to the lowest level in more than four months, and the traders are waiting for the official data which will issue today.
At 9:20 GMT the American crude is trading at the level 43.45 USD for the barrel from the opening level 43.34 USD and record the highest level 43.59 USD and the lowest level 43.02USD.
And Brent crude is trading at the level 45.85 USD for the barrel from the opening level 45.77 USD and record the highest level 46.07 USD, and the lowest level 45.43 USD.
The American crude oil has ended yesterday trading “July delivery” with a decreasing by 2.5%, in a second daily losses respectively, recorded the lowest level in seven months 42.94 USD for the barrel, and Brent contracts has lost by 2.2% “August delivery” and record the lowest level since November 2016 at 45.42 USD for the barrel.
Oil prices have losses by more than 3% during two days, after the oil production has increased in Libya to the highest level in four years, and expectation of continuing acceleration in shale oil production in the United States.
In unofficial data, the American oil Academy announced yesterday about a decreasing in crude stocks in the country by 2.7 million barrels, for the week which ended in 16 of June, and the experts expected a decreasing by 2.1 million barrels.
According to this data, the total stocks achieved to 533 million barrels, and that’s the lowest level since the week which ended in 3 of last February, in a positive mark for improving the demand levels of most oil consumer in the world.
The traders are waiting today for an official data issued from the American energy agency about the stocks, and the expectation Leeds to a decreasing by 1.2 million barrels, in a second weekly decreasing respectively.