Crude prices are trading higher in the middle of today’s trading session, Thursday, February 6, after sharp declines yesterday, Wednesday, while concerns continue about tensions from the trade war and customs tariffs between the world’s largest exporters and importers of crude oil, as Brent crude rises by about 0.77% per barrel and is trading at $75.18 per barrel, while US Nymex crude is trading at a 0.82% increase at $71.60 per barrel.

The US Energy Information Administration report issued yesterday, Wednesday, showed an increase in stocks by 8.7 million barrels in the past week ending January 31, compared to expectations of an increase of 1.3 million barrels. In detail, gasoline stocks rose by about 2.2 million barrels, while distillate stocks, which include heating fuel and diesel, fell by about 5.5 million barrels.

In contrast, an OPEC survey showed that the group’s production fell by 50,000 barrels per day to 26.53 million barrels, a second consecutive monthly decline in January after a drop in supplies from Nigeria and Iran.

Crude markets have been volatile recently amid the controversy over tariffs and tariffs, especially between China and the United States, as sources reported this morning that China is expected to announce some exemptions for oil traders regarding the tariffs it imposed on US imports, which will come into effect on February 10.