Oil prices has backed down from highest level in three weeks


On Thursday oil prices has backed down in the Europe market for the first time in five days, because of the recovery and collecting gains process from the highest level in three weeks, and decreasing oil exports from Kurdistan Iraq province to the half, adding to decreasing crude stocks in the US for the fourth week in row.

At 9:00 GMT the American crude has increased to the level 51.35$ for the barrel from the opening level 52.02$, and record the highest level 52.16$, and the lowest level 51.15$.

Brent crude has decreased to the level 57.40$ for the barrel from the opening level 58.20$, and record the highest level 58.29$, and the lowest level 57.24$.

The American crude oil added an increasing by 0.2% at yesterday trading, in a fourth daily gain respectively, near the highest level in three weeks 52.35$ for the barrel, and Brent contracts have increased by 0.1%, and record the highest level since 27 of the last September 58.52$ for the barrel.

An official news has mentioned on Wednesday that oil flows through the pipeline from Kurdistan Iraq to Turkish Jehan port has decreased by 240 thousand barrels daily, and Usually the flow through a pipeline is 600 thousand barrels daily.

And this decreasing because production stopping in by Hassan and Avana fields in Kirkuk after the Iraqi government forces have removed the city control from the Kurdish forces, and the fighting with the provincial government in Kurdistan, after the questionnaire which was about the province independence in 25 of the last September.

 Goldman Sachs group confirmed this week that Violence in north Iraq is one of the international geopolitical risks which oil market facing it, adding to the current tensions between the US and Iran. 

In US the energy information management has announced yesterday about a decreasing in crude stocks in the country by 5.7 million barrel, for the week which ended in 13 of October, to pass the experts expectation with a decreasing by 4.7 million barrels, in a fourth weekly decrease respectively.

About the American oil production has decreased last week by 11% to the total 8.4 million barrels daily, and that’s the lowest production level since June 2014, and this widely decreases because of neet hurricane which hit coast Gulf of Mexico lately.