Crude prices record losses of more than 1.5% in the middle of trading in the European session today, Wednesday, February 15th, affected by the rises of the US dollar, in addition to the increase in inventories more than expected, according to the preliminary reading, amid anticipation of the official figures today, as Brent crude is trading at $84.28 a barrel, down by 1.52. % While US crude (NYMEX) is trading down by 1.78%, at $77.65 per barrel.

The report of the American Petroleum Institute had shown in the preliminary reading of inventories issued on Tuesday that US inventories rose in the past week ending on the tenth of February by 10.5 million barrels. In details, gasoline stocks increased by about 846 thousand barrels, and stocks of distillate products, which include heating fuel and diesel, increased by about 1.7 million barrels.

During today’s American session, markets are awaiting official figures from the US Energy Information Administration, as estimates indicate an increase in inventories by about 1.5 million barrels last week.

Crude prices have been affected since Tuesday’s session by US inflation, which raised market expectations regarding the Fed’s continued tightening of monetary policy and a stronger hike in interest rates to fight inflation, in addition to the continued impact of the Russian supply cut by about 500,000 barrels.

The US Department of Energy’s announcement at the beginning of the week that it will sell 26 million barrels of oil from the country’s strategic reserve is another additional factor pressuring crude prices.

On the other hand, OPEC raised its expectations for global demand for crude by 2.32 million barrels this year, an increase of 100 thousand barrels compared to last month’s expectations, as the organization expects Chinese demand to grow by 590 thousand barrels this year compared to 510 thousand barrels in previous estimates.