Oil prices turned higher, during trading today, Thursday, with Brent crude exceeding the level of $ 83, with the release of the monthly OPEC report.
Crude prices fell earlier in trading, on fears that accelerating inflation in the United States would prompt the government to release more strategic crude stocks to bring prices down, with energy costs rising.
Reports had shown that the US inflation rate rose at the fastest rate in 30 years; This pushed the dollar to rise, in conjunction with the increase in crude oil inventories in the United States, after the government released some strategic reserves.
Oil Prices Today
By 02:25 pm GMT (05:25 pm Mecca Al-Mukarramah), Brent crude futures prices – January 2022 delivery – rose by about 0.5%, recording $85.02 a barrel, after falling below $82 earlier in the day. transactions.
The prices of West Texas Intermediate crude futures – for December delivery – also rose by 0.2%, recording $81.53 a barrel, after its losses exceeded 1% during the session.
OPEC’s oil production rose by 217,000 barrels per day last month, to reach the level of 27,453 thousand barrels per day, with increased supplies from Saudi Arabia, Venezuela, the UAE and Kuwait, according to the organization’s monthly report.
Meanwhile, the organization lowered its estimates for the growth of global oil demand in the current year, to be likely to grow by 5.65 million barrels per day, compared to expectations last month of 5.8 million barrels per day.
While OPEC kept its forecast for oil demand growth next year unchanged at 4.15 million barrels per day, so that the total is expected to record 100.59 million barrels per day, exceeding the levels before the Corona epidemic.
And the organization maintained estimates of supply growth from outside without change in the current and next years, at 0.66 and 3 million barrels per day, respectively.
OPEC oil production rises by 217,000 barrels per day in October
The US Energy Information Administration said on Wednesday that US oil stocks rose last week, while stocks of gasoline and distillates such as diesel fell.
Crude oil inventories rose by 1 million barrels in the week ending November 5, compared to analyst expectations for an increase of 2.1 million barrels.
Issuance of strategic oil reserves reached 3.1 million barrels, the largest since July 2017.