r With the beginning of the European session’s trading for today’s session, Wednesday, the first of September (September), where Brent crude rose by about 0.88%, trading at levels of 72.26 dollars a barrel, while American crude (NYMEX) rose by about 0.83%, and it was trading at levels of 69.07 dollars a barrel. From the US Energy Information Administration in the American session and the meeting of OPEC and independent allies led by Russia, which begins today, Wednesday.
The American Petroleum Institute announced in its report issued on Tuesday in the preliminary reading of stocks, a decline in stocks by about 4 million barrels in the last week ending on the 27th of August, as gasoline stocks rose by about 2.7 million barrels, while stocks of distillates, which include heating and diesel fuels, decreased by about 2 million. barrel.
In a related development, markets are awaiting the meeting of OPEC and its producing allies led by Russia today, Wednesday, to discuss the production policy of the organization, as it is expected that OPEC will adhere to its monthly plan to pump about 400,000 barrels until next December, despite the ongoing US pressure to increase production at a faster pace to support the global economy.
And OPEC + had raised its forecast for demand for crude next year 2022 in its report issued yesterday, Tuesday, before the organization’s meeting, to 4.2 million barrels per day, compared to 3.28 million barrels per day in previous estimates.
Crude recorded the largest monthly loss since October of last year in August, at about 7.5%, as crude prices suffered from fluctuations during August, affected by global markets’ concerns about the return of the outbreak of the Corona virus in its new strain, Delta, in addition to fluctuations in the US dollar and climatic disturbances, the last of which was represented by Hurricane Ida.
06/11/2024
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