Oil prices are recovering from their lowest level in two weeks
Last Updated on August 8, 2021
Oil prices rose during the trading in the European market, to continue recovery operations from the lowest level in two weeks, recorded earlier in yesterday’s trading. But despite this rise, prices are still heading towards recording the largest weekly loss since last March, after an unexpected rise in commercial crude stocks in the United States, “the largest consumer of fuel in the world”, in addition to growing concern about the acceleration of the spread of the new strain “Delta”. From the Coronavirus and global demand, levels fell again.
Oil prices continue to recover
At 09:25 GMT, West Texas Intermediate (US) crude rose by about 0.8%, to trade the price of a barrel around 69.70 US dollars, from the opening level of today’s session at 69.12 dollars, and reached the lowest price at 68.90 dollars per barrel.
Brent crude oil price also rose by 1.1% to reach the level of $71.92 a barrel, compared to the opening level of $71.18, and early in the session recorded the lowest price at $71.08 a barrel.
At the conclusion of yesterday’s trading, US crude managed to achieve gains of 1.6 percent in the first daily gain during the last four sessions, after recording earlier its lowest level in two weeks at 67.63 US dollars a barrel, and Brent crude also rose by 1.4 percent, after recording a level 69.77 dollars a barrel, the lowest since the twenty-first of last July.
Tensions in the Arab Gulf region
Tensions between world powers and Iran have risen again after an oil tanker was attacked off the coast of Oman last week, and Tehran said it had nothing to do with the attack that killed two crew members.
Israel accused Iran of being behind the attacks, which led to an increase in tensions across the Israeli border and pro-Tehran forces in Lebanese territory, as Israeli planes bombed missile launch sites in Lebanon on Thursday, in response to the firing of two missiles towards Israel from the Lebanese border.
These events led to growing concerns about the safety of navigation in the Arabian Gulf region, and their negative impact on supplies from the largest oil-producing region in the world.
US inventory report
Official data of the US Energy Information Administration indicated on Wednesday that commercial crude stocks in the United States rose by about 3.6 million barrels over the (last week) ending on the thirtieth of last July, in the second weekly increase in the past three weeks, this came in contradiction to expectations. Economic, which indicated a decrease of about 3.2 million barrels.
According to these data, total US stocks have now risen to 439.18 million barrels, the highest in a month, which has renewed concerns about actual demand levels in the “largest oil consumer in the world.”
As for production levels, the administration announced the stability of US production last week without change, to remain at a total of 11.2 million barrels, and the United States is still the largest oil producer in the world.
- EURUSD falls before the results of the European Central Bank meeting - March 10, 2022
- Gold prices hit their highest level in a year - February 24, 2022
- Gold prices fell after hitting the highest level of 1900 dollars an ounce - February 18, 2022
EURUSD falls before the results of the European Central Bank meeting
EURUSD witnessed a decline in the morning of Thursday's trading in the European market after…
Gold prices hit their highest level in a year
Gold prices jumped more than 2% during today's session in the European market, in the…
Gold prices fell after hitting the highest level of 1900 dollars an ounce
Gold prices fell during today’s session in the European market, after yesterday recording a record…
EURUSD moves away from three-week highs after US inflation data
EURUSD fell on Friday morning in the European market, and recorded its first daily loss,…
EURUSD continues to climb to the highest level in three weeks
EURUSD continued to achieve gains on Friday morning in the European market, and recorded the…
Gold prices drop with the continuous rise of the US dollar
Gold prices fell during the trading session today in the European market, to deepen their…