Oil prices rise on supply concerns

VTV.vn - Tensions from the Black Sea to South America have raised concerns about disruptions in transportation and exports, causing oil prices to rise at the beginning of the week.

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According to the Vietnam Commodity Exchange (MXV), the energy group started the new trading week with a positive trend. At the end of the session on December 1, WTI oil price increased by more than 1.3% to 59.3 USD/barrel, while Brent oil recorded an increase of 0.16%, to 63.3 USD/barrel.

MXV said the crude oil market recovery was driven by a series of uncertain developments related to global supplies. Ukrainian drone attacks on Russian oil and gas infrastructure, including an attack on a port belonging to the Caspian Pipeline Consortium (CPC), which transports more than 1% of global oil supplies, damaged a mooring point in Novorossiysk, forcing some operations to be suspended. Ukraine also attacked two oil tankers in the Black Sea, raising concerns about shipping safety in the region.

In addition, tensions between the US and Venezuela continue to raise supply risks. President Donald Trump announced the closure of Venezuela's airspace, a move that could disrupt exports from the South American country - one of the important sources of supply for the Asian market.

In addition, the Organization of the Petroleum Exporting Countries and its allies, including Russia (OPEC+), maintained their decision not to increase production in the first quarter of 2026, maintaining the cut of about 3.24 million barrels/day, also creating significant support for oil prices. This move is considered a signal of prioritizing market stability, after the alliance has pumped back nearly 3 million barrels/day since April.

However, the pressure to adjust remains as Kuwait increases its heavy crude offerings due to the Al-Zour plant incident, while Saudi Arabia is expected to cut its official selling prices to Asian customers. While the outlook for oil consumption in 2026 is controversial, current data suggests that demand will continue to grow steadily, supporting expectations of further price increases in the near term.

Source: https://vtv.vn/gia-dau-bat-tang-do-lo-ngai-nguon-cung-100251202152900055.htm