Crude prices shifted from red to red in the middle of today’s trading session, Wednesday, August 8, coinciding with the opening of the American markets, where the OPEC + system agreed to increase production by about 100,000 barrels, starting from next September.
The Organization of the Petroleum Exporting Countries and its allies, independent producers outside the organization, led by Russia, are in the alliance of what is known as OPEC + at the present time, headed by Saudi Energy Minister Prince Abdulaziz bin Salman, where the organization pledged to raise the production target for the month of September by 100,000 barrels, after agreeing to an increase of 600,000 barrels in July and August.
On the other hand, during the American session today, the markets are awaiting the report of the US Energy Information Administration for the official reading of stocks, as expectations indicate a decline in stocks by 1.4 million barrels last week.
The report of the American Petroleum Institute showed in the preliminary reading of inventories issued on Tuesday that US inventories rose in the last week ending on the 29th of July by 2.2 million barrels. In details, gasoline stocks fell by about 200 thousand barrels, while stocks of distillates, which include heating fuel and diesel, fell by about 350 thousand barrels.
Brent crude is trading at $100.62 per barrel, up by 0.10%, while US crude (NYMEX) is trading at 0.18% at $94.60 per barrel.
02/11/2024
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