On Wednesday oil prices has increased in the Europe market to continue the raising for the third day respectively, according to the Decreasing of crude stocks in the US to the lowest level in six months according to the American oil Academy data, adding to decreasing the production expectation by the American government during the next year.
At 9:05 GMT the American crude has increased to the level 45.85 USD for the barrel from the opening level 45.73 USD, and record the highest level 45.99 USD, and the lowest level 45.64 USD.
And Brent crude has increased to the level 48.25 USD for the barrel from the opening level 48.15 USD, and record the highest level 48.40 USD, and the lowest level 48.04 USD.
The American crude oil has ended yesterday trading with an increase by 2.7%, a biggest daily gain since the last June and Brent contracts achieved an increasing by 2.4%, in a second daily gain respectively.
In unofficial data, the American oil Academy announced yesterday about a decreasing in country crude stocks by more than 8.1 million barrels, for the week which ended in 7 of July, and the experts expected a decrease by 2.9 million barrels, in a second weekly decrease respectively.
According to this data, the total stocks achieved to 520.6 million barrels, and that’s the lowest level since the week which ended in 27 of last January, in a positive sign to improve the demand levels of the biggest oil consumer in the world.
And the traders are waiting today for the official data of the stocks which will issue by the American energy information management, and the expectation Leeds to a decreasing by 3.2 million barrels, in a second weekly decrease respectively.
The American government has decreased the production expectation during the next year to 9.9 million barrels daily from the average expectation 10.01 million barrels last month, in a first decrease since the government started to put the expectation in the last January.