Crude prices are recording strong rises before the opening of the American markets for today’s session, Friday, the tenth of September (September), the closing session of the week, as American crude (NYMEX) rises by about 1.79% and is trading at levels of $69.36 a barrel, while Brent crude is trading at levels of $72.74 a barrel, an increase of about 1.81 % benefiting from the scarcity of supply in the United States of America caused by Hurricane Ida and amid ignoring the news from China that indicates the plans of the second largest crude consumer in the world to sell crude oil from its strategic reserves.

Hurricane Ida caused work stoppages in the Gulf of Mexico with the evacuation of employees, which has put nearly 1.4 million barrels suspended since late August, bringing the average crude production in the United States of America, according to the US Energy Information Administration report, to 10 million barrels per day last week, compared to 11,500 million barrels in the previous week.

The report of the US Energy Information Administration issued yesterday, Thursday, showed a decline in crude stocks by 1.5 million barrels in the last week ending on the third of September, compared to expectations that indicated a decline of about 5.9 and compared to the estimates of the American Petroleum Institute, which announced a decline of about 2.9 million barrels.

In details, gasoline stocks fell by 7.2 million barrels, while distillate stocks, which include heating and diesel fuels, fell by 3.1 million barrels.

On the other hand, the US Energy Information Administration lowered its forecast for the growth of global demand for oil to 5 million barrels this year, compared to 5.3 million barrels in previous estimates, while the markets of the Organization of the Petroleum Exporting Countries and the International Energy Agency are awaiting their revisions to the expectations of oil demand next week.