Crude prices are recording declines in the middle of the trading session today, Wednesday, October 20, and before the opening of the American markets, amid anticipation in the markets for the official inventory statement from the US Energy Information Administration, as Brent crude is down by about 0.94% and is trading at levels of $ 84.28 a barrel, while American crude (NYMEX) is trading at levels 82.20 dollars per barrel, down by 0.92%.
The preliminary reading of the stockpile statement issued by the American Petroleum Institute yesterday, Tuesday, showed a rise in stocks by 3.3 million barrels in the last week ending in mid-October.
Expectations indicate that the US Energy Information Administration may announce an increase in stocks last week by about 2 million barrels.
Crude prices today, Wednesday, are affected by reports from China, which indicated that the Chinese government is moving to alleviate the electricity shortage, as the National Development and Reform Commission in China seeks to return coal prices to its reasonable range by raising production to 12 million tons, and thus any breakthrough in the coal and gas crisis The world will cast a negative shadow on crude prices.
On the other hand, Iraqi Oil Minister Ihsan Abdul-Jabbar expects, in his statements a few moments ago, that crude will rise to levels of $100 per barrel in the first half of next year.
06/11/2024
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