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Global oil prices rose during today’s trading session in the European market, in the third daily gain during the last four sessions, to compensate for a large part of its losses incurred yesterday according to top forex brokers.
At 09:50 GMT, West Texas Intermediate (US) crude rose by about 0.75%, to trade around the level of 74.72 US dollars per barrel, from the opening level of today’s session at 74.17 dollars, and recorded the lowest price at 74.11 dollars per barrel.
The international benchmark “Brent crude” also rose by 0.8% to the level of $75.80 a barrel, compared to the opening level at $75.22, and it reached early in the session the lowest price at $75.20 a barrel.
OPEC has not made any progress on the differences between Saudi Arabia and the UAE that prevented reaching an agreement last week to increase oil production, which makes holding another meeting this week on production policy less likely, according to sources within “OPEC Plus”.
Meanwhile, the International Energy Agency indicated in its monthly report that the current crisis of the OPEC + alliance threatens to create an increasing supply deficit with the possibility that high fuel prices in the world will lead to a rise in inflation rates and inflict more damage to the crumbling economy due to the Coronavirus crisis.
Later today, the American Petroleum Institute is scheduled to release its first report on inventories, amid expectations that they will decrease for the eighth consecutive week, while tomorrow, Wednesday, official data will be released by the US Energy Information Administration.
US inventories fell last week to the lowest level in February 2020.
Oil prices are currently under many pressures, due to the growing fears about the pace of recovery in global demand for fuel.
Where the outbreak of the new highly contagious “delta” strain of the Coronavirus led to the imposition of new restrictions and procedures on movement in various countries of the world, especially in Asia, “the largest oil-consuming continent in the world”, with the major Asian governments tightening restrictions of closure and sanitary isolation.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
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