After crude rises in the weekly session, and Brent crude traded at its highest levels since April of 2019 and tested levels of $75 a barrel, crude prices returned to decline in the middle of today’s session, Tuesday, June 22 (June 22), after informed sources in OPEC revealed that the Organization of Crude Producing Countries and its independent allies Led by Russia (OPEC +), it is studying another gradual increase in crude production, starting next August, with the rise in crude prices and the recovery of global demand, but the quantity has not been determined until now.

OPEC and its allies are implementing a plan to increase crude production by 2.1 million barrels since the beginning of last May and will continue until the end of next July. Accordingly, these expectations of increasing production starting from August may put pressure on crude prices during the coming period until the organization meets on the first of next July to discuss the details.

The Bank of America had shown in its report issued yesterday, Monday, that it expects crude prices to rise to levels of 100 dollars at the beginning of next year 2022, with the continued recovery of global demand.

Today, Tuesday, the markets are awaiting the statement of the American Petroleum Institute and the announcement of the preliminary reading of US crude inventories for the past week, before the official data to be issued by the US Energy Information Administration tomorrow, Wednesday.

Brent crude is trading at $74.41 a barrel, down by 0.65%, while the US (NYMEX) crude is down by 0.79%, trading at $73.08 a barrel.