Despite high prices, oil tends to decline for the third week in a row

Oil prices rose yesterday, but they are still heading toward a weekly decline in concerns over the supply of crude and the continuation of the trade dispute between the United States and China, the biggest consumer of oil of the world. Was 0.4 percent at $ 72.85 a barrel at 06:55 GMT, while WTI rose 29 cents, or 0.4 percent, to $ 69.79 a barrel, according to Reuters.
But crude on a losing lane For the third consecutive week after a sharp decline last Monday. Brent is down 3.3% and WTI 1.8%
Prices have fallen due to inflation, some of the production has stopped, while tensions between the United States and China have feared economic damage and demand for raw materials.
The United States accounted for about one-fifth of the volume of oil demand in 2017, while China consumed about 13 percent according to the BP Statistical Data Energy
Black Gold, according to "French."
In yesterday's trade The price of light crude oil for delivery in August reached 69.52 dollars in Asia
Brent crude oil, the reference market of the North Sea, rose by 1 cent to reach 72,59 dollars
. "Saudi Arabia, the largest member of OPEC, has hinted that it would not produce more than the needs of its customers," said the Bloomberg agency. "The Kingdom's exports are about the same as in June, and will decrease by 100,000 barrels in August."
OPEC and its partners announced late June to soften the evil J & # 39; agreed to cut oil production as President Donald Trump put pressure on the cartel to reduce prices
Brent crude closed yesterday at $ 72.58 on the London exchange market after falling 32 cents. The Organization of the Petroleum Exporting Countries (OPEC) has confirmed its full satisfaction with the cooperation efforts and the respect of the joint declaration of the OPEC producers and the outside world. noting that the countries participating in the Declaration of Cooperation have reached an alignment level of 121%. In June 2018.
This came in the latest reports from OPEC on the results of the first meeting of the Committee. The Committee reviewed recent developments in the market and reviewed the reports and recommendations of JCOMM regarding the monitoring of the overall levels of compliance of the countries participating in the June 2018 declaration of cooperation.
The report notes that the Ministerial Committee for monitoring the reduction Production The market conditions for June and the individual production levels for each product have were revised this month as they were convinced that the overall performance would not depart from the decision of the Fourth OPEC and OPEC Ministerial Meeting on 23 June.
The report draws attention to the decision of the Ministerial Committee to continue to closely monitor developments and developments in the oil market in order to improve the stability of the market and the interests of producers, consumers and consumers. the global economy.
The Ministerial Oversight Committee decided to hold monthly meetings in the presence or at a distance to closely monitor the market and recommend appropriate actions and decisions.
The report notes that the next meeting of the Departmental Monitoring Committee on Production Reduction will be held on August 20th. This process is longer Production of 1.8 million barrels per day (bpd) applied for 18 months was part of efforts to accelerate the stability of the global oil market.