Crude prices returned to rise in the middle of the session today, Thursday, the second of June, with the opening of the American markets, after it was trading in the red color, and losing more than 2%, after news that the Organization of the Petroleum Exporting Countries and independent allies outside the organization agreed to increase crude production in July and August.
At these moments, the OPEC + periodic meeting for the month of June is taking place to determine the production policy in the coming period, as sources told Reuters moments ago that the members of the organization and allies from outside the organization led by Russia agreed to increase production by 648,000 barrels per day in July and August, compared to 438 thousand barrels in the previous year. Previous .
The markets are awaiting after less than half an hour the US inventories figures from the US Energy Information Administration in the official reading, as it is estimated that the inventories decreased by 1.4 million barrels last week.
The report of the American Petroleum Institute, issued on Wednesday, showed a decline in the preliminary reading of US inventories last week, ending on May 27, by 1.2 million. In details, gasoline stocks fell by about 256 thousand barrels, while stocks of distillates, which include heating fuel and diesel, rose by about 858,000 barrels.
Brent crude is trading at levels of $116.98 a barrel, an increase of about 0.60%, while American crude (NYMEX) is up by about 0.75%, trading at levels of $116.10 a barrel.
02/11/2024
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