Crude prices are recording increases at the beginning of the European session trading today, Thursday, the first session of July, as Brent crude is trading at levels of $74.86 a barrel, an increase of about 0.32%, while the American crude (NYMEX) is up by 0.41%, trading at levels of $73.77 a barrel, supported by a decline US stocks, amid anticipation in the markets, for the meeting of OPEC and independent allies led by Russia in the alliance of what is known as OPEC + during today’s session.

The report of the US Energy Information Administration issued yesterday, Wednesday, showed a decline in crude oil stocks in the United States of America in the last week ending on the 25th of June, by 6.7 million barrels, compared to expectations that indicated a decline of 4.7 million barrels. In details, gasoline stocks rose by about 1.5 million barrels, while distillates, which include heating and diesel fuels, fell by about 900 thousand barrels.

It is expected that OPEC + will announce its joint decision for its meeting today, Thursday, as sources reported that it is expected that OPEC + will discuss extending its agreement on reducing supplies beyond April of next year 2022.

The group had agreed in May of last year 2020 to reduce production by about 10 million barrels per day, starting from May 1 of the same year, and it is scheduled to end gradually by the end of April 2022. The last decision to reduce production is due to the beginning of last May by 2.1 million barrels, which is expected To expire at the end of this July, when the organization will decide today whether to boost production levels or leave it unchanged, starting from August