Crude prices are recording rises with the beginning of the European session’s trading session today, Tuesday, September 14th, with Brent crude and US crude trading at their highest levels since the beginning of last August, with Brent crude rising by about 0.66% and trading at levels of $74 per barrel, its highest level since August 2 On the other hand, US crude (NYMEX) is rising by about 0.64% and is trading at levels of $70.90 a barrel.
The Organization of the Petroleum Exporting Countries had lowered its forecast for global oil demand for the fourth quarter of this year, according to the monthly report issued yesterday, Monday, due to a delta change. August, while the organization kept its forecast for the current year as a whole at 5.96 million barrels per day unchanged. On the other hand, the organization raised its forecast for global demand for oil in the coming year 2022 to 4.15 million barrels per day, compared to 3.28 million in previous estimates.
In a related development, market concerns about the possible impact of another storm (Nicholas) that may disrupt production in Texas this week, as US producers seek to return to normal production levels before Hurricane Ida, which causes the suspension of more than 1.4 million barrels since late August
. During today’s session, the markets are awaiting the American Petroleum Institute’s report on US inventories in the preliminary reading, before the official report from the US Energy Information Administration, which will be issued tomorrow, Wednesday.
06/11/2024
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