Crude prices recorded declines in the middle of the opening session of March today, Wednesday, ignoring the recovery of the manufacturing sector in the largest importer of crude in the world, affected by fears of high US inventories, as Brent crude is trading at $82.77 per barrel, down by 0.81%, while US crude (NYMEX) is rising by about 0.99% and trading at $76.29 a barrel.

The manufacturing PMI in the second largest economy in the world rose to 52.6 points in February, according to the National Bureau of Statistics figures issued in the Asian session today, the highest reading of the index since April 2012, compared to 50.1 in January, exceeding expectations that indicated a rise to 55, while activity increased. Non-manufacturing in the services and construction sectors to 56.3 from 54.4, raising these numbers from market expectations of a recovery in the Chinese economy after the abolition of Covid restrictions at the beginning of the year, and supporting the rise in demand for crude from the largest importer of crude in the world.

The report of the American Petroleum Institute had shown in the preliminary reading of inventories issued on Tuesday that US inventories rose in the past week ending on February 24 by 6.2 million barrels. In details, stocks of gasoline declined by about 1.7 million barrels, and stocks of distillate products, which include heating fuel and diesel, decreased by about 341 thousand barrels.

During today’s American session, markets are awaiting official figures from the US Energy Information Administration, as estimates indicate an increase in inventories by about 1.7 million barrels last week.

The investment bank, Goldman Sachs, lowered its forecast for crude prices in the second quarter of this year, as the bank expects, in its latest report, that Brent crude will reach $90 a barrel in the second quarter, compared to $105 in previous estimates, while prices are expected to rise to $100 by next December. .