Crude prices are stable at the beginning of the European session trading today, Thursday, November 11th, after declines of more than 2% yesterday, Wednesday, affected by the declines of the US dollar, to its highest level in 16 months, after US inflation data, due to the inverse relationship between the US dollar and commodity prices.

US President Joe Biden’s statements came against the backdrop of high inflation as an additional pressure factor with the rise of the US dollar, as the US President asked his administration and his advisers to explore ways to reduce energy prices, as bets rose that more crude oil would be pumped from the US Strategic Petroleum Reserve (SPR), which put pressure on prices. raw .

The report of the US Energy Information Administration issued yesterday, Wednesday, showed a rise in stocks in the last week ending on November 5, by one million barrels, to come in line with expectations, and in details, gasoline stocks fell by 1.6 million barrels, while stocks of distillates, which include heating and diesel fuels, decreased by about 2.6 million barrels .

On the other hand, the report showed stability in oil production in the United States of America at 11.500 million barrels, unchanged, as imports fell to 6.108 million and exports rose to 3.052 million barrels.

American crude (NYMEX) is trading at stability at levels of 81.33 dollars a barrel, after declines by 3.3% yesterday, Tuesday, while Brent crude is trading down by about 0.10% at levels of 82.56 dollars a barrel, after losing 2.5% at the close of the session yesterday, Tuesday.