Crude prices are recording increases of more than 3% in the middle of trading in the American session today, Wednesday, as Brent crude is trading at levels of 113.93 dollars a barrel, an increase of about 3.63%, while American crude (NYMEX) is rising by about 3.89%, trading at levels of 108.30 dollars a barrel, ignoring the state of optimism in the emerging markets About holding peace talks between Russia and Ukraine and raising the possibility of reaching a ceasefire agreement.
In a related context, the report of the US Energy Information Administration issued a few moments ago showed a decline in stocks by 3.4 million barrels in the last week ending on the 25th of March, compared to expectations that indicated a decline of about 2 million barrels. Distillation, which includes heating and diesel fuel, is about 1.4 million barrels.
The markets are awaiting the ministerial meeting of the OPEC + tomorrow, Thursday, as sources in OPEC said today, Wednesday, that the OPEC + system is likely to maintain its current agreement to gradually increase production in May.
02/11/2024
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