Crude prices are stable in the middle of the European session today, Wednesday, January 5th, with some slight declines after strong increases recorded by crude yesterday, where Brent crude is trading at levels of 79.78 dollars a barrel, down by about 0.28%, while American crude (NYMEX) loses about 0.30% and is trading at 76.76 levels. Dollars per barrel amid anticipation in the markets for the official stockpile statement from the US Energy Information Administration in the American session, with expectations of a decline of more than four million barrels last week.

The Organization of the Petroleum Exporting Countries and its allies, independent producers outside the organization, and in their regular meeting yesterday, Tuesday, decided to adhere to the planned increase in production by about 400 thousand barrels per day in February, as OPEC + reduced the impact of the Omicron mutated on oil demand and stated that the effect would be short-lived.

In a related context, preliminary data from the American Petroleum Institute showed a decline in oil stocks in the United States of America by 6.4 million barrels in the last week ending on December 31, and in details, gasoline stocks rose by about 7.1 million barrels, while stocks of distillates, which include heating fuel diesel, rose by about 4.3 million barrels.

Since the beginning of the week, crude prices have ignored the strong rise in the number of infections with the new variable Omicron around the world, after the United States of America announced the highest daily injury toll on Monday, and thus the impact of this rise on the levels of global demand for oil.