Improved oil consumption raises oil prices with the closure of Tuesday’s session

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International oil prices increased in international oil trading with the settlement of trading session today, Tuesday, after the monthly OPEC report that revealed the decline in the production of the Organization of Petroleum Exporting Countries, as much as 1.9 million barrels per day during the past month of June, led by Saudi Arabia and Iraq, which would improve Prices due to reduced supplies in the global oil market.

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In the monthly report issued by the organization that includes the most productive countries in the world, the organization raised estimates of the global demand for oil during the current year due to the improvement of the movement of citizens and consumption, but the international organization reduced the forecasts of supply growth in crude due to the decline in production according to previous agreements, and with negative influences Hindering the growth of global demand, the international market is looking forward to the meeting of the Joint Ministerial Technical Monitoring Committee of the Group of Petroleum Exporting Countries (OPEC) and its allies known as “OPEC +”.

Other than the OPEC and its international allies meetings scheduled for today and tomorrow, oil investors around the world are awaiting the announcement of preliminary data on stocks in the United States from the American Petroleum Institute before the official figures are released tomorrow, and this anticipation comes because oil prices were affected negatively during Dealings fears that demand may collapse again amid new standardized cases in the US states of the emerging Crohna virus.

American Nymex crude rises above $ 40 a barrel

With the closing of the international trading in oil, the prices of future contracts for the American NYMEX crude for the delivery of next August increased by about 0.5%, at the level of $ 40.29 per barrel, after it was trading at the price of $ 39.07 per barrel during the session, and with it the price of Brent crude futures for September delivery rose. About 0.2%, from the level of $ 42.80 a barrel.

Note: the content of this news was written by The Road And does not express a point of view Egypt today But it was transferred with its content as it is from The Road We are not responsible for the content of the news and custody of the previous source.

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