Oil prices fall to their lowest levels in two weeks with the possibility of OPEC Plus production

Oil prices fell to their lowest levels in about two weeks with the rise in US stocks, at a time when members of the OPEC alliance+ are looking to implement another significant increase in production, while facing the demand for challenges due to the US -led trade war.

The price of West Texas Intermediate crude fell 0.6% to be settled slightly higher than the level of $ 61 a barrel. Brent mix price decreased to be below $ 65. And if “OPEC+” decides to increase production 411 thousand barrels per day in its meeting scheduled for June 1, that third month will be in a row in which the coalition agrees to increase the supplies 3 times more than the quantity planned in the first place.

“The most likely probability is to agree to another significant increase of 411 thousand barrels per day starting in July, and Saudi Arabia is expected to be the largest shareholder in this increase,” said Helema Croft, head of the global commodity strategy at RBC Capital Markets.

Oil prices remain under pressure as OPEC and its allies continue to pump more supplies into a market that seems already immersed. The United States -led trade war has caused crude to losses, due to fears that global turmoil will slow economic growth, which causes energy demand.

Oil stocks continue to rise in the United States, which is still the largest consumer of crude in the world. Data released on Wednesday showed that American commercial stocks of crude rose for the second week, while the indicators of demand for gasoline and distilled fuel were weak, despite the approaching summer leadership season.