Crude prices are recording declines with the beginning of the trading of the American session on Wednesday, October 13th, as Brent crude loses about 0.73% and is trading at levels of 82.82 dollars a barrel, while American crude (NYMEX) loses levels of 80 dollars a barrel to trade at levels of 79.90 dollars a barrel, with a return of about 0.85%, as Crude prices were affected by the rising market fears that the global demand growth for oil will decline, amid anticipation in the markets for the statement of US inventories.
The American Petroleum Institute will announce, less than an hour later, the preliminary reading of stocks, before the US Energy Information Administration will announce tomorrow, Thursday, the official reading of stocks, after it was postponed to a day after the Columbus Day holiday in the United States of America at the beginning of the week.
The monthly report of the Organization of the Petroleum Exporting Countries, issued today, Wednesday, showed that the organization had reduced its forecast for the growth of global demand for oil this year and maintained its forecast for the next year, as the organization expects oil demand to grow by 5.82 million barrels per day, compared to 5.96 million barrels in previous estimates. And kept its forecast of 4.2 million barrels for next year.
In a related context, a report issued by China this morning showed that China’s oil imports fell in Septim by 15% to reach 10.03 million barrels per day, 4.8% less compared to August and 15% less compared to September of last year.
06/11/2024
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