Crude prices continue to decline for the second consecutive session, an hour after the opening of the American markets, as Brent crude loses about 0.78% and is trading at levels of $78.41 a barrel, while American crude (NYMEX) is trading at levels of $74.79 a barrel, down by about 0.50%, as crude prices are exposed to selling pressure after US Energy Information Administration report.

The report issued by the US Energy Information Administration a few moments ago showed that inventories rose by 4.58 million barrels in the last week ending September 24, contrary to expectations that indicated a decrease of about 2.48 million barrels, and compared to the estimates of the American Petroleum Institute issued on Tuesday, which indicated an unexpected increase of about 4.1 million barrels. barrel.

طIn details, gasoline stocks rose by 193 thousand barrels, while expectations were for an increase of about one million barrels. While distillate stocks, which include heating fuel and diesel, rose by about 384 thousand barrels, compared to expectations that indicated a decline of 1.62 million barrels.

The report issued by the Energy Information Administration indicated that the average US imports of oil reached 6.6 million barrels last week, an increase of 87 thousand barrels per day. Meanwhile, sources told Reuters that the Organization of the Petroleum Exporting Countries will stick to the existing agreement to add 400,000 barrels per day in November at the meeting of the organization and its independent producing allies next Wednesday.

The organization and its allies had agreed in the July meeting to increase production by 400,000 barrels per day every month, to get rid of 5.8 million barrels per day and to evaluate the agreement in December by the end of the year, after it confirmed its continuation of its plans to increase production in October at the current September meeting.

Secretary General of OPEC Barkindo In an opening speech to the meeting of the OPEC Technical Committee, he indicated that the gradual increase in the organization’s production maintains balance in the oil market and supports the high demand for oil and prevents the accumulation of excess supplies.

The White House, represented by White House spokeswoman Jen Psaki, expressed concern about the continued rise in crude after Brent crude reached the levels of $ 80 a barrel on Tuesday, with high expectations to continue its rise. All tools to handle its cost.