Crude prices continue to decline in the middle of the trading session of the opening week of the week today, Monday, 15th of November, and before the opening of the American markets, where both Brent crude and American crude lose more than 1%, with the rising market fears of pumping more American crude to limit the continuous rises in addition to the rises of the US dollar.

US President Joe Biden had expressed his concern last week about high inflation and stressed that this matter would represent a top priority for him and that he and his administration would seek to limit the rise in energy prices, the main factor in high inflation prices that threatens the economic recovery in the United States of America, raising the bets by pumping more crude oil From the US Strategic Petroleum Reserve (SPR), which puts pressure on crude prices.

The Organization of the Petroleum Exporting Countries, represented by Omani Energy Minister Al-Ramahi, indicated this morning that it is not concerned about the possibility of raising production from the United States of America, while the UAE Energy Minister Al-Mazrouei announced that he expects a surplus of oil supply in the first quarter of next year, ruling out that prices will reach $100 per barrel.

The Organization of the Petroleum Exporting Countries had lowered its forecast for the growth of global demand for oil by 200 thousand barrels to 5.7 million barrels this year to reach 96.4, according to the monthly report issued last week.

Brent crude is losing about 1.63%, trading at levels of $80.83 a barrel, after a weekly loss estimated at 0.7% last week, in a loss for the third week in a row, while US NYMEX crude is trading at levels of $79.69 a barrel, down by about 1.35% after losing about 0.6% last week. upon closing.