Oil prices fluctuated within a narrow range last week.

Last week, the highest increase in oil prices was about 0.5 - 0.9%, while the biggest decrease was 1.6 - 2%. Oil prices remained below the threshold of 70 USD/barrel.

Last week, oil prices had alternating increases and decreases. Photo: MXV

According to the Vietnam Commodity Exchange (MXV), on September 9, oil prices increased sharply due to concerns from tensions in the Middle East.

The energy market recorded overwhelming buying power, as all five commodities in the group increased in price. Of which, Brent crude oil price closed up 0.56%, reaching 66.39 USD/barrel; WTI crude oil price also increased 0.59%, reaching 62.63 USD/barrel.

Market developments were boosted after the Israeli military launched airstrikes against Hamas forces in the capital Doha (Qatar), causing world oil prices to surge sharply - at times exceeding 2%. However, the situation quickly calmed down, causing oil prices to narrow significantly towards the end of the session, especially after the US made a commitment to Doha that no similar action would take place on Qatari territory.

According to investors, the geopolitical environment in the Middle East remains stable for now, with no new unusual risk factors emerging that could lead to disruptions in supply from the region.

In addition, the preliminary report of the annual standard revision of the US Bureau of Labor Statistics (BLS) said that in the 12 months ending in March this year, the actual number of jobs created was about 911,000 lower than the initial estimates.

Although this is a potential factor that puts downward pressure on oil prices, investors still expect that the FED will soon lower the basic interest rate to boost economic growth, thereby increasing energy consumption demand in the US in the near future.

In the trading session on September 11, world oil prices turned down. Source: MXV

However, by September 11, the entire energy group was in red as all five commodities turned to decrease in price. Of which, Brent crude oil price lost 1.66% to 66.37 USD/barrel; WTI oil price plunged 2.04% to 62.37 USD/barrel.

According to the September report released by the International Energy Agency (IEA), global crude oil production is forecast to increase to 105.8 million barrels per day in 2025 and reach 107.9 million barrels per day in 2026, after reaching a record 106.9 million barrels per day in August thanks to increased production from the OPEC+ group.

Meanwhile, global oil demand is still forecast to increase, but the increase is not commensurate with the speed of supply expansion, making the risk of prolonged oversupply more obvious.

In addition, input demand for oil refineries is expected to gradually decrease until the end of October due to the period of regular maintenance after the peak summer travel season in the US.

In addition, US commercial crude oil inventories also recorded a second consecutive week of increase, according to data from the Energy Information Administration (EIA), indicating continued surplus domestic supplies.

In addition, the consumption outlook from China - the world's largest oil importer - remains uncertain as the country's economy faces many difficulties in the real estate sector and industrial demand. This further increases the downward pressure on oil prices.

Recorded this morning (September 13) Vietnam time, crude oil prices returned to an upward trend after a drone attack by Ukraine disrupted oil exports at the largest port in western Russia.

However, oil prices narrowed as investors turned their attention to the revised US jobs report released earlier along with higher-than-expected inflation data. Brent crude futures rose 0.93% to $66.99 a barrel and WTI crude futures rose 0.51% to $62.69.

Source: https://hanoimoi.vn/gia-dau-tuan-qua-tang-giam-trong-bien-do-hep-715944.html