Crude prices recorded gains of more than 1.5% in the middle of trading in the European period for today’s session, Wednesday, January 18th, before the opening of the American markets, as Brent crude rose by about 1.60%, trading at levels of $87.29 a barrel, while American crude (NYMEX) rose by about 1.95%, and trading at levels of $81.74. A barrel amid anticipation in the markets for the report of the American Petroleum Institute on the preliminary reading of inventories before the official reading that will be issued tomorrow, Thursday, by the US Energy Information Administration.

And you receive crude prices during the session today from the report of the International Energy Agency, which confirmed that lifting the restrictions imposed due to the Corona virus in the largest importer of crude may enhance the levels of global demand for oil during the current year, in addition to the expected weakness of supplies from Russia after the sanctions imposed on it.

In its report issued moments ago, the agency raised its expectations for oil demand growth by 200,000 barrels this year to 1.9 million barrels, bringing the total demand to 101.7 million barrels, which is an unprecedented level. On the other hand, the agency expects the Chinese demand for oil to rise by about 100,000 barrels. per day to reach 15.9 million barrels.

In its monthly report on Tuesday, OPEC kept its expectations for demand for crude in the current year at 2.23 million barrels per day, while the organization expects that Chinese demand for oil will rise by 510 thousand barrels per day in the current year.

Later today, the markets are awaiting the American Petroleum Institute’s report on US inventories, as estimates indicate that inventories declined by about 1.8 million barrels in the past week ending January 13th.