Crude prices are recording increases of more than 2% with the opening of the European session today, Wednesday, May 11 (May), after declines of more than 8% in the first two sessions of the week, in which US crude (NYMEX) lost the levels of $ 100 a barrel for the first time in two weeks, amid anticipation in the markets For the data of the US Energy Information Administration for US stocks in the official reading, where it is estimated that stocks fell by about one million barrels last week.

The preliminary reading of stocks issued by the American Petroleum Institute, issued yesterday evening, Tuesday, showed an increase in stocks in the last week ending on May 6, by 1.6 million barrels, and in details, gasoline stocks rose by 823,000 barrels, while distillates stocks, which include heating and diesel fuels, also rose by about 662 thousand barrels.

Crude is receiving support today from the decline in the number of people infected with the Corona virus in the largest consumer of crude, as new infections in Shanghai decreased by 51%, raising optimism due to the end of the partial closure that China has been experiencing for six weeks.

The US Energy Information Administration lowered its forecast for US crude production in its periodic report to 11.91 million barrels this year, compared to 12.01 in its previous estimates.

Brent crude is trading at levels of $104.75 a barrel, an increase of about 2.24%, while US crude (NYMEX) is up by about 2.19%, when it is trading at levels of $101.94 a barrel.