Oil prices are falling from their highest level in two weeks, amid increasing pressures from high inventories

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Crude oil prices returned to decline, during today's trading in the European market, after reaching their highest levels in two weeks earlier in today's trading, due to the increasing tension in the oil markets regarding the continuation of the global oversupply crisis following the announcement by the US Energy Information Administration of its official report on stocks, which He pointed to the high stockpiles, reaching a new record level, and the increase in US shale oil production to its highest level in more than a year, but the decline in prices was reduced by the continued low production of Libya, in addition to the commitment of oil producers to continue reducing their production.

US crude oil prices recorded a decline, to trade at a price of $49.40 a barrel, from the opening price of the trading session at $49.61. A barrel at a price of 52.30 dollars from the opening price of today's session at 52.50 dollars, and it reached its highest level at 52.67 dollars, the highest in three weeks, while it recorded its lowest level at 52.19 dollars.

At the close of trading yesterday, Wednesday, US crude oil “May delivery” achieved gains of about 2.4%, and yesterday’s Brent contracts “June delivery” achieved gains by about 2.2%, recording the second daily gain in a row.

oil pricesYesterday, Wednesday, the US Energy Information Administration revealed its official report on US stocks for the past week, and the data showed an increase in stocks by 0.9 million barrels, while expectations indicated an increase in stocks by 1.2 million barrels, bringing total stocks to 565 million barrels, the highest level since 1982. The report showed an increase in US shale oil production by 10,000 barrels, bringing the total daily production to 9.14 million barrels per day, the highest since January 2016.

Libyan production is still declining, with a value of more than 200 thousand barrels, as a result of the disruption of supplies from the El Sharara field, the largest oil field in Libya, and the El Wafa field, following attacks by armed factions since last Sunday, which limited the losses of oil prices.

The commitment of oil producers participating in the agreement to reduce production levels with the market shares assigned to them increased to reach 95% during the month of March, while the percentage of compliance with the agreement reached 94% during February.

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Mohamed Abdel Khaleq
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