Crude prices are recording some rises in the middle of today’s session, Tuesday, June 29, trimming the gains that were recorded at the beginning of trading on Monday, as Brent crude is trading at levels of $74.87 a barrel, up by about 0.25%, after testing levels of $76 a barrel during the opening session of the week. Yesterday, Monday, the highest level of crude since 2018, while US crude is trading at levels of $ 73.06 a barrel, an increase of about 0.21%, amid anticipation in the markets for the statement of primary stocks from the American Petroleum Institute, which will be released today, Tuesday, in the American session.
Crude’s declines compared to Monday’s session levels came after market fears increased about the decline in global demand for fuel, after new cases of the Corona virus known as Delta increased in some countries, led by the United Kingdom, where some European Union countries such as Spain and Portugal issued the preferred destination for summer holidays for Europeans. New restrictions on arrivals from the United Kingdom to contain the spread of the new strain.
On the other hand, the markets are awaiting the meeting of OPEC and independent allies led by Russia, after tomorrow, Thursday, the first of July, to discuss easing supply restrictions, as the group is expected to discuss increasing production starting from next August.
07/11/2024
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