World oil prices fell sharply on February 2nd, as geopolitical risks in the Middle East eased, while a stronger US dollar and forecasts of warmer weather in the US continued to put pressure on the energy market.
Accordingly, Brent crude oil prices fell by $3.02, or 4.4%, to $66.30 per barrel. West Texas Intermediate (WTI) crude oil also fell by $3.07, or 4.7%, closing at $62.14 per barrel.
The main reason for the reversal in oil prices is the positive signal from US-Iran relations. US President Donald Trump said Iran is in "serious talks" on the nuclear issue, after a senior Iranian security official confirmed that discussions are underway.
In addition, the US dollar strengthened after Trump nominated Kevin Warsh as the next chairman of the Federal Reserve, making oil more expensive for investors holding other currencies.
Furthermore, warmer weather forecasts in the US are reducing demand for heating oil, driving down diesel futures prices sharply. Amid weakening supporting factors, the market is once again concerned about the risk of a global oil oversupply this year, as OPEC+ decided to maintain production levels until March 2026.
Source: https://vtv.vn/gia-dau-lao-doc-manh-100260203084602716.htm
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