Crude oil prices rise after US reserves fall sharply

World oil prices rose in trading on October 29, after data showed that US crude oil and fuel reserves fell more than expected last week.

Workers work at an oil refinery in Wasit province, Iraq. Photo: THX/TTXVN

Meanwhile, US President Donald Trump's optimism about upcoming talks with Chinese President Xi Jinping has helped ease economic concerns.

Closing this session, North Sea Brent crude oil price increased 52 US cents, or 0.8%, to 64.92 USD/barrel, while US light sweet crude oil price (WTI) increased 33 US cents, or 0.6%, to 60.48 USD/ounce.

Data from the US Energy Information Administration (EIA) released on October 29 showed that US crude oil, gasoline and distillate inventories fell more sharply last week than analysts had forecast. Crude oil inventories fell by nearly 7 million barrels, far exceeding the forecast of a 211,000 barrel decline.

The sharp decline has forced the market to reassess predictions that the oil market is about to fall into a large oversupply situation, in the context of increased production by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, and US production at a record high.

The EIA data also showed strong demand for oil, according to UBS analyst Giovanni Staunovo. He added that the combination of two factors – strong demand and falling inventories – made the report very positive for crude prices.

In addition, President Trump predicted a good outcome from the negotiations with Chinese President Xi Jinping, scheduled to take place on October 30 in South Korea, where the US and South Korea also finalized the details of a trade agreement.

Optimistic signals about US-China talks and a deal with South Korea could help ease some of the concerns about a slowdown in economic activity due to Mr. Trump’s tariff policies.

However, other concerns continue to cloud the global economic outlook. The US Federal Reserve (Fed) decided on October 29 to cut interest rates by 0.25 percentage points as expected, but comments from Chairman Jerome Powell after the Fed meeting expressed a cautious view on the possibility of an upcoming rate cut.

Source: https://baotintuc.vn/thi-truong-tien-te/dau-tho-tang-gia-sau-khi-du-tru-cua-my-giam-sau-20251030080940963.htm