Oil prices in Asia rose again after 3 sessions of decline

Oil prices rose in Asia on Monday, after falling in the previous three sessions, on the possibility of tightening sanctions on Russian crude, although concerns about oversupply in the market limited the gains.

An oil refinery in Wasit province, Iraq. Photo: THX/TTXVN

Brent crude futures rose 20 cents, or 0.31 percent, to $65.55 a barrel at 1:31 p.m. Vietnam time. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.32 percent, to $61.98 a barrel.

Some analysts said the rise in oil prices was due to a technical recovery, after both Brent and WTI fell about 1% in the previous session, with Brent closing at its lowest since June 5 and WTI at its lowest since May 30.

Finance ministers from the Group of Seven (G7) of the world's leading industrialized nations said on October 1 they would take measures to increase pressure on Russia by targeting those who continue to increase purchases of Russian oil and those who are facilitating circumvention of the law.

Meanwhile, demand for reserves from China, the world's largest crude oil importer, also supported oil prices, limiting the decline.

However, Hiroyuki Kikukawa, chief strategist at Nissan Securities Investment, a unit of Nissan Securities, said the US government shutdown has raised concerns about the global economy , while the possibility of the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, the OPEC+ group, increasing production has put pressure on market sentiment, limiting price gains.

On the supply side, OPEC+ could agree to increase oil production by up to 500,000 barrels a day in November 2025, triple the increase in October 2025, as Saudi Arabia looks to regain market share. This would happen even as US and Asian demand begins to decline.

The U.S. Energy Information Administration said on October 1 that U.S. crude, gasoline and distillate inventories rose last week due to lower refining activity and demand. Crude inventories rose 1.8 million barrels to 416.5 million barrels in the week ended September 26, compared with a Reuters poll forecast for an increase of 1 million barrels.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-tai-chau-a-tang-tro-lai-sau-3-phien-giam-20251002145747010.htm