Forex

Oil prices continue gains and US crude hit a two-week high

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Oil prices rose on Thursday in the European market to continue their gains for the third session in a row, the US crude to a two-week high, and this rise in prices today comes after the decline of commercial crude stocks in the United States for the fifth week in a row.

By 0815 GMT, US crude was up 71.10 US dollars a barrel from the opening price of $ 70.95 and hit a high of $ 71.33 since September 4, while the lowest level was $ 70.79.

Brent crude also rose to 79.50 US dollars per barrel from the opening level of 79.41 dollars and reached the highest level of 79.80 dollars, while the lowest level of 79.25 dollars.

US crude oil ended yesterday’s trading up 2.3%, marking its second straight daily gain, the biggest daily gain since September 11, and Brent crude futures up 0.7%. This came after the weekly report To the US Energy Agency.

In the United States, the US Energy Agency said in its weekly report released yesterday that crude stocks in the country fell by 2.1 million barrels in the week ended September 14, this was in contrast to expectations of a decline of 2.7 million barrels, in the fifth Weekly decline respectively.

According to the data, total US trade inventories fell to 394 million barrels, the lowest level since February 2015, in a positive sign that improved demand levels in the world’s largest oil consumer.

As for US production, the agency reported the increase of production last week by 100 thousand barrels per day in the first weekly increase in a month, bringing the total to record levels of 11 million barrels per day.

On the other hand, the Organization of Petroleum Exporting Countries (OPEC) and independent producers from outside are scheduled to meet next Sunday in Algeria to discuss all developments related to oil production, according to Russian Energy Minister Alexander Novak.

Some sources told Reuters that no immediate action is being planned for production policy, and this meeting will discuss how to participate in increasing production levels as agreed in advance.

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