Crude prices continue to record highs in the middle of the trading session today, Thursday, October 14, moments after the announcement of the official US stockpile statement from the US Energy Information Administration, as gasoline stocks, which fell against expectations, helped support crude gains, as Brent crude rose by about 0.73% and traded at levels 83.79 dollars per barrel, while US crude (NYMEX) rises by 0.57% and is trading at levels of 80.90 dollars per barrel, benefiting from the report of the International Energy Agency, which raised its expectations for the growth of global demand for oil for the current year, in contrast to OPEC.

The official report issued by the US Energy Information Administration a few moments ago showed an increase in US oil inventories in the last week ending on the eighth of last October by 6.2 million barrels, compared to expectations that indicated an increase of 1.1 million barrels, and compared to the estimates of the American Petroleum Institute, which showed a rise in inventories amounted to 5.2 million barrels yesterday.

In detail, gasoline stocks fell by 1.96 million barrels, while expectations were for an increase of about 947 thousand barrels. On the other hand, stocks of distillates, which include heating fuel and diesel, decreased by about 24 thousand barrels, compared to expectations that indicated a decline of 485,000 barrels.

The report indicated that the United States of America imports of oil reached 6 million barrels per day last week, a decrease of about 1 million barrels compared to the previous week. On the other hand, the International Energy Agency’s (IEA) report issued today, Thursday, showed that the agency expects global oil demand levels to rise this year by 170,000 barrels to 5.5 million barrels per day, bringing the total to 96.3 million barrels, compared to 96.1 in previous estimates by the agency, and to rise by 210 thousand barrels to reach 3.3 million barrels next year, with a total of 99.6 next year, compared to 99.4 million barrels in previous estimates.

The agency justified raising its expectations that record natural gas prices may boost demand for oil, in addition to the agency’s expectations that OPEC+ will pump less than estimated crude in the fourth quarter of this year.

Saudi Arabia, represented by Saudi Energy Minister Prince Abdulaziz bin Salman, and in a dialogue session entitled The Future of Conventional Energy, rejected calls to increase production and stressed that the organization and its independent allies are working to protect the oil market from strong price fluctuations, as happened in the gas and coal markets.