Oil prices recover after a series of consecutive declines and fluctuations

According to the Vietnam Commodity Exchange (MXV), crude oil prices rose sharply across the board, ending a series of consecutive sessions of declines and fluctuations.

According to the Vietnam Commodity Exchange (MXV), buying pressure dominated the global raw materials market yesterday (December 3rd). At closing, the MXV-Index rose 0.73% to 2,178 points. Metals and energy were the two most attractive sectors for investment throughout the trading session. Amid escalating geopolitical tensions and increased trade risk, the prices of all 10 metal commodities rose simultaneously. In addition, the energy market, including crude oil, also recorded positive price increases.

Thị trường hàng hóa hôm nay 4/12: Giá dầu hồi phục sau chuỗi giảm và giằng co liên tiếp

MXV-Index

The metal price board is covered in shades of green.

At the close of yesterday's trading session, the metal price chart was dominated by green. For precious metals, silver recovered 2.03% to $31.49 per ounce. Platinum also rose more than 1% to $960.2 per ounce. As a "safe haven" during economic downturns, precious metals continue to benefit amid escalating geopolitical conflicts and increased trade tensions.

Metal price list

Yesterday, China's Ministry of Commerce announced a ban on the export of gallium, germanium, antimony, and other superhard materials with military applications to the United States. This announcement comes after the US intervened in China's semiconductor industry. Previously, the US stated it would restrict exports to 140 companies, including 20 semiconductor companies, 2 investment firms, and over 100 chip-making machine tool manufacturers. Experts believe this retaliation from China could escalate trade tensions between the two countries, increasing the risk of a trade war.

In addition, the weakening of the US dollar after yesterday's strong rally also contributed to supporting the price of precious metals. The Dollar Index, a measure of the strength of the US dollar against six other major currencies, closed yesterday down nearly 0.1% at 106.37 points.

Regarding base metals, prices rose across the board yesterday, primarily supported by expectations of continued economic stimulus from China. Specifically, the prices of two key commodities, copper and iron ore, increased by 1.73% to $9,263 per ton and 0.48% to $105.11 per ton, respectively.

Currently, investors are awaiting the Central Economic Work Conference this month, looking for signs of additional fiscal or monetary stimulus measures after recent data showed the economy remains sluggish and unlikely to reach the government's target of around 5%.

Oil prices recover after a series of consecutive declines and fluctuations

According to MXV, crude oil prices rose sharply across the board, ending a series of previous sessions of declines and fluctuations. The escalating conflict in Lebanon between Israel and the Hezbollah armed group was the main factor driving the bullish price increase yesterday.

Energy price list

At the close of yesterday's trading session, WTI crude oil prices surged 2.7% to nearly $70 per barrel, while Brent crude oil prices also rose 2.49% to $73.6 per barrel.

In the Middle East, markets are closely monitoring tensions between Israel and Iran, as a direct confrontation between the two countries could impact the entire Middle East region and disrupt crude oil flows.

In addition, the market is also awaiting the December policy meeting of the Organization of Petroleum Exporting Countries and its allies (OPEC+). Yesterday's crude oil price movements suggest that investors are betting on the possibility that OPEC+ will maintain production cuts in the first quarter of 2025, which could lead to a "soft landing" for the global crude oil market.

According to data from the American Petroleum Institute (API), U.S. commercial crude oil inventories rose by 1.23 million barrels in the week ending November 29, contrary to market expectations of a 2.06 million barrel decrease. This marks the sixth week in 12 that U.S. crude oil inventories have increased, raising concerns about the outlook for U.S. oil demand and putting pressure on prices.

Prices of some other goods