Oil prices reverse course and fall.

VTV.vn - Oil prices fell nearly 1% as the Israel-Lebanon ceasefire raised hopes that the US and Iran would reach an agreement, easing concerns about supply disruptions.

Oil prices fell in Asian trading on June 4th, as a ceasefire between Israel and Lebanon fueled hopes for a broader agreement to end the conflict between the US, Israel, and Iran, potentially leading to the resumption of shipping through the Strait of Hormuz.

As of 1:58 PM on June 4th (Vietnam time), on the Singapore electronic trading platform, Brent crude oil prices fell by 87 US cents, or 0.89%, to $96.92 per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil prices fell by 78 US cents, or 0.81%, to $95.24 per barrel, partially erasing gains recorded earlier in the week.

Earlier, Brent and WTI oil prices both rose by about 2% on June 3rd following renewed escalation of tensions in the Middle East, including Iranian military actions against Kuwait and US military activities near the Strait of Hormuz.

You may also like

SJC gold continues its downward trend.VTV.vn - The domestic gold market continued its downward trend on the morning of June 4th, mirroring the tug-of-war in the global market.

In other news, the U.S. Energy Information Agency (EIA) reported that U.S. crude oil inventories fell by 8 million barrels to 433.7 million barrels in the week ending May 29. This was a much larger decrease than the 4 million barrel drop forecast in a survey of analysts.

Meanwhile, the International Energy Agency (IEA) warned on June 2nd that global oil inventories could fall to worrying levels ahead of the peak summer demand period if the current rate of inventory release continues. This warning comes despite China's crude oil imports in May falling by about 6 million barrels per day compared to March.

In a report, ING Bank stated that current oil reserves are still acting as a "cushion" supporting the global energy market. However, ING believes that even if oil shipments through the Strait of Hormuz resume soon, the recovery will be slow and gradual. According to the bank, this means that oil inventories are likely to continue shrinking in the third quarter, leaving the risk of a rebound in oil prices still present.

You may also like

Crude oil prices surged as conflict in the Middle East escalated again.World crude oil prices rose by about 2% in trading on June 3rd, amid renewed conflict in the Middle East and little progress in negotiations between the US and Iran.

Source: https://vtv.vn/gia-dau-quay-dau-giam-100260604160403528.htm