Despite crude’s declines in the middle of the trading session today, Wednesday, October 6, US crude is trading at its highest level since November of 2014 at levels of $78.46 an ounce, declining during today’s session by about 0.60% after testing levels of $79.70 a barrel in the Asian session, while Brent crude is trading At levels of 82.13, down by about 0.51%, down from 83.44 dollars a barrel that it tested in the Asian session, the highest level since October of 2018.

The rise in crude since the beginning of the week comes after the Organization of the Petroleum Exporting Countries and its independent producing allies outside the organization, led by Russia in the alliance of what is known as OPEC +, kept its plan to gradually increase production by 400,000 barrels in next November, ignoring the concerns of consuming countries about the rise in inflation and impeding economic recovery due to the continuous rise in oil prices. crude prices.

In a related context, the report of the American Petroleum Institute (API) issued yesterday, Tuesday, in the preliminary reading of stocks, showed an increase of about 951 thousand barrels in the last week ending on the first of October, and gasoline stocks rose by about 3.9 million barrels, while stocks of distillates, which include heating and diesel fuels, rose by about 345 thousand barrels. .

The markets are awaiting during the American session today, Wednesday, the report of the US Energy Information Administration (EIA) in the official report on stocks, amid expectations of an increase in stocks by about 200 thousand barrels last week.