Oil prices have kept its increasing with the opening of the American market on Thursday after two days of the backing down in a recovery and collecting gains process, and the American crude oil had recorded the highest level in five months after the decreasing of crude stocks in the US for the first time in one month, and Brent crude had increased up to 58$ for the barrel with continuing the fears about the oil supplies from Kurdistan province whose announce about it official statehood from Iraq.
At 12:44 GMT the American crude had increased to the level 52.60$ for the barrel from the opening level 52.02$, and record the highest level since 18 of April, and the lowest level 51.85$.
Brent crude had increased to the level 58.07$ for the barrel from the opening level 57.64$, and record the highest level 58.15$, and the lowest level 57.09$.
The American crude oil “November delivery” had lost yesterday by 0.1%, in second daily losses respectively, and Brent crude contracts “November contracts” had decreased by 1.5%, from the highest level in 26 months 59.48$ for the barrel because of the recovery process.
In the US the energy information management had announced yesterday about the decreasing in crude stocks in the country by 1.8 million barrels, for the ended week in 22 of September, otherwise the experts expectation which was an increasing by 2.9 months barrel, in a first weekly decrease during a month, in a sign of improving the demand in the biggest oil customer in the world and receding the effect of Harvey hurricane.
The American exports has jumped to a new standard level at 1.49 million barrel daily with an increase by 61%, and the production had increased the last week by 37 thousand barrels, for a third weekly increase respectively to the total 9.55 million barrels daily, and that’s the highest level of production since July 2015.
Kurdistan province has announced the official statehood from Iraq after 92% of nationals had agreed in the questionnaire, and Turkey has threatened to close the pipeline which is carried the crude oil from Kurdistan to the international markets.
The pipeline is pumping about 500 thousand barrels daily to the Turkish Jehan port on the Mediterranean Sea, and this supply stops with the continuing executive the international production decreasing deal by 1.8 million barrels daily from OPEC and independent producers, this may Leeds to a disability in displays for the first time in the market since 2014.
USD is backing down from the highest level in five weeks.
On Thursday USD has backed down against the international currencies, and on it way for the first loss during four days, because of the recovery and collecting gains process, after it records the highest level in the Asian market trading in five weeks, this came before issuing the biggest economic growth data in the world during the second quarter and another data about the work market.
At 11:55 GMT USD index has backed down by 0.2%, to trade at the level 93.08 points, and today’s trading opening level at 93.24 points, and record the highest level since 23 of August, and the lowest at 93.04 points.
The index has ended yesterday trading with an increase by 0.5%, in a third daily gain respectively, with the acceleration in the USD purchase against the international currencies, especially after the low-profit currencies EUR and JPY, especially after the probability of increasing the American interest prices for the third time this year has increased.
This probability has increased from 60% to 70% this week, especially after the federal reserve president Janet Yellen speech and she said that the American economy is strong enough to stamina a monetary policy more tighter, and Leeds about needing to continue the increase of interest prices despite the weakness of inflation in the country.