Oil prices recover after 5 months of decline

Illustration photo.

Not outside the general market trend, the energy group on October 13th simultaneously improved, with all 5 key commodities increasing in price. After hitting a 5-month low at the end of last week, world oil prices rebounded slightly when Brent oil increased 0.94% to 63.32 USD/barrel, while WTI increased 1% to 59.49 USD/barrel.

According to MXV, market sentiment improved significantly after US Treasury Secretary Scott Bessent confirmed that the meeting between President Donald Trump and Chinese President Xi Jinping will still take place as planned on the sidelines of the APEC Summit in South Korea later this month.

Previously, the risk of escalating trade tensions made investors worried about the decline in global energy demand, causing oil prices to fall by 4% in the session on October 10. The resumption of dialogue between the two sides is considered a signal of "cooling down macro risks", helping cash flow return to the energy group.

In addition to the psychological factor, the global supply-demand outlook is also supportive. OPEC's October report maintained its demand growth forecast at 1.4 million barrels per day while warning of a possible supply shortage, in contrast to the more cautious assessments of the IEA and EIA. This contributes to maintaining expectations of a tightening supply-demand balance in the fourth quarter.

In terms of actual consumption, the latest data from China’s General Administration of Customs showed that crude oil imports in September rose 3.9% year-on-year, reflecting a steady recovery in demand as domestic refineries increased capacity. However, compared to August, imports fell slightly, somewhat limiting the short-term price increase.

Regarding the geopolitical situation, positive signals in the Middle East region when Israel and Hamas forces returned hostages also helped reassure the market about the risk of supply disruption, thereby curbing the increase in oil prices during the session.

Source: https://vtv.vn/gia-dau-phuc-hoi-sau-5-thang-lao-doc-100251014162835226.htm