Oil prices rise amid expectations of monetary easing

VTV.vn - Oil prices increased in the trading session on December 4 thanks to investors' expectations that the US Federal Reserve (Fed) will lower interest rates.

At the end of the session, Brent crude oil price increased by 59 US cents (0.94%) to 63.26 USD/barrel. US light sweet crude oil price (WTI) increased by 72 US cents (1.22%) to 59.67 USD/barrel.

The possibility of a Fed rate cut is dominating the market and pushing crude prices higher, said Phil Flynn, senior analyst at Price Futures Group. The dollar fell, heading for its 10th consecutive day of losses against major currencies, making crude cheaper for buyers using other currencies.

Analysts also said that escalating tensions between the US and Venezuela have supported oil prices due to concerns about reduced supply from the South American country. Rystad Energy said that benchmark crude prices could be significantly impacted by military tensions between the US and Venezuela, while highlighting the possibility of US intervention.

The continued deadlock in Ukraine peace talks has provided further support for oil prices, after President Donald Trump’s representatives left a meeting with Russia without making any progress in efforts to end the fighting. PVM experts said conflict and political factors, large inventories, forecasts of oversupply and OPEC’s strategy are keeping Brent crude in the $60-$70/barrel range.

U.S. crude and fuel inventories rose last week as refining activity increased, data from the U.S. Energy Information Administration (EIA) showed. Crude inventories rose 574,000 barrels to 427.5 million barrels in the week ended November 28, compared with expectations for a decline of 821,000 barrels in a Reuters poll.

Source: https://vtv.vn/gia-dau-bat-tang-giua-ky-vong-noi-long-tien-te-100251205093008481.htm