Oil has jumped to the highest level in four months after American oil academy report


On Wednesday the crude oil has jumped to the highest level in four months, to continue the increasing for the eighth day respectively, in a highest daily gain chain in three months, after the the American oil academy data observed an increasing for the American oil stocks less than the experts expectation, and Brent crude has stopped its increase near the highest level in five months, after Iraq Remarks about extending the international production decreasing deal.
At 9:40 GMT the American crude has increased to the level 50.50 USD for the barrel from the opening level 50.26 USD, and record the highest level since 25 of May 50.52 USD, and the lowest level 50.14 USD.
Brent crude has increased to the level 55.65 USD for the barrel from the opening level 55.35 USD, and record the highest level 55.68 USD, and the lowest level 55.25 USD.
The American crude oil has ended the trading yesterday “October delivery” with an increasing by 0.7%, in a seventh daily gain respectively, in a longest daily gain since the last June.
And the international Brent crude oil has decreased for the first time since 8 of September, and losses by 0.2%, because of the recovery process from the highest level in five months 55.98 USD for the barrel.
Last week the oil prices has achieved an increasing by 5%, and thats the biggest weekly gain since the last of July, according to the international power demand, especially after the monthly reports of the OPEC organisation and the international energy agency leads to an growth in demand.
In the US the oil academy has announced yesterday about an increasing in crude stocks in the country by 1.4 million barrels, for the week which ended in 15 of September, less than the experts expectation which was an increasing by 3.9 million barrels.
The traders are waiting today for an official data about the stocks which the American energy information management has issued it, the expectation are Leeds to a increasing by 2.4 million barrels, in a third weekly increase respectively.
On Tuesday The Iraqian oil minister Jabbar Al-luaibi said during the energy conference in UAE that OPEC and the independent producers are studying extending the international production decreasing deal to stop the international displays mess
On Monday Jabbar Al-luaibi has mentioned that OPEC are studying deepening the international production decreasing deal by 1%, and confirmed that the country production is about 4.3 million barrels daily compared with 4.5 million barrels daily in the last May.