Crude prices recorded highs in the middle of the trading session of the opening session of the week today, Monday, the 11th of October, to continue its gains for three consecutive sessions, taking advantage of the commitment of the Organization of the Petroleum Exporting Countries and its independent producing allies outside the organization to its agreement in July, in addition to crude prices benefiting from the global energy crisis, as Brent crude is trading at an increase of about 2% at Levels of 84.02 dollars per barrel, the highest level in three years, after gains of about 4% last week, while US crude (NYMEX) is trading at its highest level since 2014 at 81.35 dollars per barrel, up by about 2.5%, after gains estimated at 4.6% last week.
The Organization of the Petroleum Exporting Countries is one of the most important reasons for the continuation of the crude rises, after it maintained its plan at the beginning of last week (Monday) to gradually increase production by 400,000 barrels in next November, after some reports indicated that the reduction was raised to double in November, ignoring the concerns of consuming countries about the rise in inflation.
And hindering the economic recovery due to the continuous rise in crude prices.
The energy crisis experienced by the major global economies and the power outages in India and China due to the shortage of coal, with the rise in coal and gas prices, supports the rise in crude prices due to the attractiveness of crude as a fuel for power generation, and therefore with the approach of winter, the demand for crude will continue to rise.
The most important events of this week related to crude The markets are awaiting the monthly OPEC report and knowing the organization’s future expectations for the oil market, in addition to the US inventories report issued by the US Energy Information Administration, which will be issued Thursday this week, given that today is an official holiday in the United States of America.
06/11/2024
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