Oil prices rise as “OPEC” resolves to maintain a patient approach...

Oil prices recovered today, Wednesday, from losses recorded in light of higher-than-expected US crude inventories, in addition to the intention of the Organization of the Petroleum Exporting Countries (OPEC) to maintain its deliberate approach to increasing supplies despite strong demand around the world.

According to sources, “OPEC” and its allies (OPEC +) will maintain the agreement to increase production to 400,000 barrels per day in November during its meeting next week, despite consumers’ demands to increase supplies.

On Tuesday, OPEC expected an increase in demand for oil over the next few years, noting the need to continue investing in production to avoid a crisis, despite some switching to less polluting fuels.

Oil prices have risen, in light of the gradual recovery that economies are witnessing from the pandemic closures, as the demand for fuel has increased, while some producing countries have witnessed supply disruptions.

In terms of numbers, Brent crude rose seven cents by 14:51 (GMT) to reach its new value of $79.11 a barrel.

It is noteworthy that crude oil had fallen by nearly two dollars, yesterday, Tuesday, after touching its highest level in nearly three years (80.75 dollars a barrel).

In the same context, US crude witnessed an increase in price (23 cents/0.3%) to reach $75.52 per barrel.

The US Department of Energy said that inventories of oil, gasoline and distillates in the United States have risen over the past week. US production increased to 11.1 million barrels per day, which is consistent with the level of production before Hurricane Ida.

US crude stocks exceeded expectations, reaching 4.6 million barrels last week. This is supported by the recovery of production in offshore facilities that stopped their activity due to the two hurricanes that struck the American Gulf region.