Oil prices fall as demand worries return

Photo caption — Pumping gas for vehicles at a gas station in London, UK. Photo: THX/TTXVN

At 2:10 p.m. (Vietnam time), Brent crude futures fell 28 cents, or 0.4 percent, to $63.04 a barrel. US West Texas Intermediate (WTI) crude fell 23 cents, or 0.4 percent, to $59.26 a barrel. In the previous session, Brent and WTI closed up 0.9 percent and 1 percent, respectively.

While working-level talks between the two sides are continuing, China has said it will “fight to the end” if a war does break out, said Suvro Sarkar, head of energy markets at DBS Bank. He said the oil market would be sensitive to such rhetoric from both sides, although he expected price volatility to remain limited in the near term.

US Treasury Secretary Scott Bessent said on October 13 that President Donald Trump remains committed to meeting Chinese President Xi Jinping in South Korea this month, as both countries try to ease tensions over tariffs and export controls.

However, developments last week – such as China's expansion of export controls on rare earths and Mr Trump's threats of additional tariffs of up to 100% from November 1 – weighed on market sentiment.

Another factor that caught the market's attention was that in its monthly report released on October 13, the Organization of the Petroleum Exporting Countries (OPEC) and major non-OPEC producers (collectively known as OPEC+) said the oil market's supply shortage would narrow by 2026, as the alliance carries out planned production increases.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-quay-dau-giam-khi-noi-lo-ve-nhu-cau-tro-lai-20251014151751273.htm