Oil prices headed towards the upside at the end of the week’s dealings in the European session, to achieve the first daily rise after the losses they had sustained for seven consecutive days, during which they recorded their lowest levels in four months. Members of the Monitoring Committee are scheduled to meet to implement the global production cut agreement concluded by OPEC in Last December, Baker Hughes Oil Services will release its data on the number of US drilling rigs today.
At 12:40 GMT, crude oil rose, recording a price of $47.95 a barrel, from the opening price of today’s trading session at $47.72. The highest price per barrel was recorded at $48.09, while the lowest price was recorded at $47.71. Brent crude also rose to trade at $47.71. 50.80 dollars from the opening price at 50.66 dollars, the highest price per barrel was recorded at 50.96 dollars, while the lowest price was recorded at 50.54 dollars.
At the end of trading yesterday, oil prices “May delivery” incurred losses by 1% for the sixth day in a row, and Brent contracts “May delivery” yesterday incurred losses by about 0.5%.
Looking forward to the production control committee meeting today
Today, the members of the Monitoring Committee will meet as part of its periodic follow-up in Kuwait to see the extent to which the countries participating in the agreement to reduce production levels comply with their commitments and reduce production according to the market share agreed upon before. according to their respective market shares.
Last week, Saudi Energy Minister Khaled Al-Falih told Bloomberg TV that there is no problem in extending the agreement to reduce production levels until after next June in the event that global stocks continue to rise.
Oil prices lost this week to about 2%, continuing to record their weekly losses, due to the escalation of fears of the continuation of the US oversupply, which is causing the global oversupply crisis, against the background of the rise in US inventories and their reaching record levels and the increase in US shale oil production for the fifth week in a row.
Last Wednesday, the US Energy Information Administration announced that inventories rose by 5 million barrels, bringing total stocks to 564 million barrels, the highest level ever. The administration also announced an increase in shale oil production by 30,000 barrels for the fifth week in a row, bringing total production at 9.13 million barrels, the highest in nearly a year.
It is expected that Baker Hughes Oil Services Company will announce later today its report on the number of drilling rigs for American oil companies, and expectations show that the rigs will rise for the tenth week in a row.