Crude prices are recording rises for the fourth consecutive session since the beginning of the week in mid-trading today, Wednesday, benefiting from fears of supply shortage and lack of supplies, with the continuation of sanctions imposed on Russia, amid anticipation of the official inventory statement, as US crude (NYMEX) is trading at levels of 113.46 dollars a barrel, an increase of 1.50 While Brent crude rose by 1.38%, trading at levels of 119.61 dollars per barrel.

And the The Organization of Petroleum Producing Countries (OPEC) and the independent producing allies outside the organization in the alliance of what is known as OPEC + are expected to start their meeting today, Wednesday, and complete it tomorrow, Thursday, to discuss developments in the oil market and determine the level of production in the coming period, as expectations indicate that the organization will adhere to its decision with the last increase in the June meeting Which amounts to 648,000 barrels per day in July and August, unchanged.

The markets are awaiting the official announcement of the stockpile reading in the United States of America from the US Energy Information Administration today, Wednesday, in a reading for the two weeks ending on the 17th and 24th of June, after the reading of last week was postponed for technical reasons.

The preliminary reading issued by the American Petroleum Institute yesterday, Tuesday, showed a decline in stocks by 3.8 million barrels in the last week ending on the 24th of June. .

On the other hand, UAE Energy Minister Suhail Al Mazrouei said in his statements yesterday that the UAE’s current production is close to the reference production ceiling in the OPEC agreement, which is 3.168 barrels per day, stressing his country’s commitment to the current ceiling until the end of the agreement.