Oil prices has jumped to the highest level in two weeks


On Friday oil prices has jumped in the Europe market to the highest level in two weeks, to get back its full yesterday losses, and in its way to achieve wider weekly gain, according to displays shrinking in the US with continuing crude stocks decreasing and levels production slowing down, at the same time with refreshing demand in the China “second biggest oil customer in the world” after crude imports have increased by 13% during September.

 

At 9:00 GMT the American crude has increased to the level 51.35$ for the barrel from the opening level 50.71$, and record the highest level since 2 of current October 51.51$, and the lowest level 50.69$.

 

Brent crude has increased to 57.10$ for the barrel from the opening level 56.39$, and record the highest level Since 29 of September 57.38$, and the lowest 56.33$.

 

The American crude has lost by 0.6% during yesterday trading, in a first loss during four days, because of recovery and collecting gains process, and for the same reason, Brent contracts have decreased by 0.4%.

 

In the US the energy information management has announced yesterday about crude stocks decreasing in the country by 2.7 million barrels, for the week which ended in 6 of October, to pass the experts expectation which was a decreasing by 1.9 million barrels, in a third weekly decrease in a row.

 

And about production levels, it decreased last week by 81 thousand barrels to the total 9.48 million barrels daily, in a first weekly decreasing since the last September, and production decreasing from the highest level 9.56 million barrels daily in two weeks.

 

In China and according to general management of customs data of which issues today’s Friday the crude oil imports have increased to 9.04 million barrels daily in September with an increase of 13% compared with August imports, and the average of oil imports to Bekin is 8.5 million barrels during current year, and China now is the biggest oil importer in the world.

 

From another side and according to some resources Expect OPEC to remove the surplus of international displays during one year, but the production in Libya and Nigeria will stay at its current levels, and production of shale oil in the US not be more than 500 thousand barrels daily in 2018.