Crude prices rise by more than 3.5% in the middle of the European session today, Wednesday, the first session of December, compensating part of its losses recorded yesterday, which exceeded 4%, amid anticipation of what will come out of the meeting of the Organization of the Petroleum Exporting Countries and the independent producing allies outside the organization led by Russia, in addition to the report of the US Energy Information Administration In the official reading of stocks in the US session.

\The Organization of the Petroleum Exporting Countries begins its meeting today, Wednesday, before the allies join them in a meeting tomorrow, Thursday, to come up with a unified vision regarding production policy in the coming period in light of the rise in concerns about Omicron and the repercussions of the decision of the United States of America and a number of consuming countries regarding the withdrawal of the strategic oil stockpile.

Some expectations indicate that OPEC + may suspend its current plan to add 400,000 barrels per month in next January, although some ministers have stressed that there is no need to change policy now.

In a related context, the report of the American Petroleum Institute issued on Tuesday, which gives a preliminary reading of the stocks, showed a decline in stocks by about 747 thousand barrels in the last week ending on the 26th of November, and in details, gasoline stocks rose by about 2.2 million barrels, while stocks of distillates, which include fuel Heating and diesel about 800 thousand barrels.

It is estimated that the US Energy Information Administration will announce in the US session today a decrease in stocks by about 2.7 million barrels last week.

Brent crude is trading at an increase of about 4.07% in the middle of the European session at levels of 72.05 dollars per barrel, compensating part of Tuesday’s 4% loss, while its monthly loss amounted to about 15.7% in November.

On the other hand, US crude (NYMEX) is trading at levels of $68.51 a barrel, an increase of 3.52%, after recording a loss on Tuesday of 5.4% at the close and a monthly loss of 21% in November, recording the largest monthly loss since March 2020.