Oil prices remained high as US market opened on Friday on its way to a second gain within three days as recovery from low levels came after Saudi Arabia’s OPEC representative said Saudi oil exports would fall next month. Suffered a third weekly loss in a row, with renewed concerns about oversupply in the United States.
By 12:25 GMT the US crude rose to $ 68.25 a barrel from the opening level $ 68.00, and recorded a high level of 68.89 $, and the lowest level of 67.83 $.
Brent crude rose to $ 72.90 a barrel from the opening level of $ 72.62, recording a high of $ 73.45 and a low of $ 72.27.
US crude lost 1.4% in the last three days. Crude hit a four-week low of $ 67.02 a barrel on Wednesday, Brent contracts fell 0.7% and Wednesday hit a three-month low of 71.19. $ Per barrel.
Oil Chart
Adeeb al-Aamy, Saudi Arabia’s permanent OPEC representative, said his country expects Saudi crude exports to fall by about 100,000 barrels per day in August, while continuing to ensure that oil is not pumped into the market beyond customers’ needs.
He added that global oil markets were well balanced during the third quarter of this year and pointed to a significant decline in global stocks during the second half due to strong demand and seasonal factors.
In response to concerns about the oversupply of the market after OPEC and Russia increased production, the blind said that the supply increase in the market “without any basis”.
US Energy Agency announced on Wednesday that the country’s trade inventories rose by 5.8 million barrels in the week ending July 13, reversing experts’ forecasts of a 3.6 million barrel drop, the second rise in the last three weeks.
Bringing the total stockpile to 411 million barrels, to bounce from a three-year low of 405.2 million barrels last week.
US production rose by 100,000 barrels per day last week, the first rise in five weeks, to a total of 11.0 million barrels per day, the highest level ever for oil production in the United States.
US production has jumped more than 30 percent since mid-2016, surpassing Saudi Arabia’s current high production to 10.7 million barrels per day , much closer to the output of the world’s biggest oil producer, Russia, at about 11.1 million barrels per day.
The number of drilling and exploration platforms operating in the oil fields of the United States has been stabilized in the past week, with the total platforms operating at 863 platforms, the highest since March, 2015.