On Friday Oil prices has stables in the Europe market in a limited range of trading, in the middle of the traders evaluating for the demand increase indexes in China which is the second biggest oil consumer in the world, in front of continuing the international displays, especially after the increasing in production in the United States to the highest level in more than two years, at the same time of OPEC backing down about the decrease within the international deal with the independent producers.
At 8:45 GMT the American crude is trading at the level 46.05 USD for the barrel from the opening level 46.06 USD, and record the highest level 46.21 USD, and the lowest level 45.79 USD.
Brent crude is trading at the level 48.45 USD for the barrel from the opening level 48.39 USD, and record the highest level 48.53 USD, and the lowest level 48.14 USD.
Oil prices has ended yesterday trading with an increase by 1.4%, and Brent contracts raised by 1.6% “August delivery”, after the increasing of the China demand effects on the international energy agency warning about the return the balance of the market.
In China, the country has exported about 8.55 million barrels daily of oil in the first half of this year, by an increasing about 14% in the same period last year, and that’s made the China be the biggest exporting oil in the world advanced on the United States.
In the United States, the production has increased by 59 thousand barrels daily, for the week which ended in 7 of July, in a second weekly increase respectively, and the total production achieved to 9.4 million barrels daily, and that’s the highest level since March 2015.
In Libya the source has mentioned that the oil production has increased in the country to 1.05 million barrels daily in the current July, and that’s the highest level of production since 2013, and Libya has pumped 690 thousand barrels since the first of this year, and the execution president of the oil national company Mostafa Sanallah said that his country planning to increase the production to 1.1 million barrels by the next August.
the international energy agency said that the international markets will return the balance as the expectation and that because the increase in OPEC production and the international stocks do not decrease as the expected speed.
The OPEC commitment about the decreasing has backed down to 78% in June from 95% in May, after some organization country pumped a production beyond the allowed especially at Iraq, UAE and Venezuela, and that’s the lowest level of OPEC commitment since the beginning of executing the deal of decreasing the international production in the last January.
Professional Trader and Analyst at TradingBroker.co.uk
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 & Binary Options trading companies in both English and Arabic on a daily basis.