Oil prices record $ 83.97 for Brent and $ 78.59 for US crude
The moments of US stock data about oil, which came sudden and shocking for expectations to land with more than 12 million barrels, were released in exchange for hostels in the range of 2 million barrels, according to a report moments ago via the specialized Invest Agency.
Oil prices flared up to suddenly turn after the big fall yesterday and the first of yesterday, Monday, to their lowest levels in more than a year, on the impact of the protests in China, which increased the pressure on the demand for demand growth, hours before the issuance of data of American crude oil reserves awaited by the markets.
While it seems that global banks are still confused with regard to oil prices during the remainder of the year 2022 and early next year, coinciding with the approaching OPEC meeting, as well as the start of the European Union applying the ceiling of prices to Russian oil.
Introduction data update
Inventory data decreased according to the data of energy information management by more than 12.58 million barrels, compared to expectations of a decline in the range of 2.75 million barrels, and an actual decrease in the range of 3.69 million barrels per week before last.
The gasoline stocks increased by more than expectations to record an increase of 2.769 million barrels, compared to expectations in the range of 1.625 million barrels, and in exchange for an actual increase in the week before last by 3.058 million barrels.
China's restrictions
There was a short time ago about China's tendency to reduce the restrictions of closure in light of the Policy of Safar Kovid, coinciding with the decline in injuries to the Corona virus, in addition to the ignition of unprecedented protests.
Oil prices increased during these moments by more than 3% for both the two years, Brent and Nimx, to the record of Brent near the $ 87, while NIMEX rose to levels near 81 dollars.
Price expectations
Goldman Sachs (NYSE: GS) believes that the medium term oil forecast for 2023 is "very positive", noting that the bank's commitment to expecting the price of Brent crude to reach $ 110 a barrel during the next year.
The recent developments in the global oil market now prompted NYSE: JPM to reduce their expectations for the average price of Brent crude during 2023 by $ 8 to $ 90 a barrel only.
The main reason for reducing price expectations was that Russian oil production would probably return to pre -war levels by mid -2023.
Despite the most pessimistic expectations for the level of oil demand over the next few months, the EGX: Auto Muran expects that the average price of Brent crude will increase from $ 90 a barrel in 2023 to $ 98 a barrel during 2024.
Oil before data
Oil prices rose during Wednesday's trading before the issuance of official US stock data, while fears of slowing global demand for crude are still looming on the horizon.
Brent crude futures rose during Wednesday's trading by more than 2.4% or 2.1 countries to reach $ 86.4 a barrel.
American crude futures rose by 2.5%, equivalent to $ 2 per barrel, to levels above $ 80 a barrel.
International energy demands OPEC+
The director of the International Energy Agency, Fateh Birol, said that "OPEC+" should take into account the very fragile situation of the global economy when discussing more discounts in oil supplies during its next meeting.
"It is extremely important for the" OPEC+"countries to look at the very fragile global economic situation," added the director of the International Energy Agency.
Birol said: The ministers who will meet during the next weekend must inform the situation in developing countries.
OPEC + between reduction and installation
According to international news agencies, the "OPEC+" decision to hold the next meeting scheduled for December 4 online indicates a little possibility to change the oil production policy.
This came after reports reported that "OPEC+" intends to hold its next meeting via the Internet, and not personally in Vienna as it was planned before.
This comes after the group agreed in October to reduce oil production by two million barrels per day, equivalent to 2% of global supplies.
Russian oil
The head of the International Energy Agency, Fateh Birol, told Reuters on the sidelines of a capacity conference that the agency expects the production of Russian crude to shrink by two million barrels of oil per day by the end of the first quarter of next year.
Diplomats from the Group of Seven Industrial Countries and the European Union discussed a roof ranging between $ 65 and $ 70 a barrel, with the aim of limiting revenues to finance the Moscow military attack in Ukraine, without disrupting global oil markets.
But diplomats said that the European Union governments failed to agree on Monday to the maximum, with Poland insisted that the maximum be less than what the Group of Seven proposed.
The price ceiling is scheduled to enter into force on December 5, when the European Union also applies to Russian crude.
Petroleum Institute
The US Petroleum Institute, the US Petroleum Institute of Oil, said that crude oil stocks fell 7.8 million barrels in the week ending the twenty -fifth of November.
In its weekly report, the American Institute stated that gasoline stocks rose 2.8 million barrels, and the inventory of the distilts rose 4 million barrels.
China's ambiguity
China held a press conference yesterday, Tuesday, on Corona prevention and control measures, amid record injuries and protests in Shanghai and Beijing.
Chinese analysts said that the rare street protests in cities all over China during the weekend were a vote against President Xi Jinping's policy in making the country free of Corona, and the strongest public challenge during his political career.
Beijing adheres to the policy of eliminating the new Corona virus, while most countries of the world raised most of the restrictions.
OPEC+ meeting
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