World oil prices extended their decline for a third consecutive session.

The Vietnam Commodity Exchange (MXV) reported that red returned to the global raw materials market during yesterday's trading session (November 27).

At closing, the MXV-Index fell 0.46% to 2,178 points. Contrary to the overall market trend, ahead of the US Thanksgiving holiday, trading in industrial raw materials saw gains. Conversely, in the energy market, prices of both oil commodities fell slightly amid a sharp increase in US gasoline inventories and the possibility of the Fed tightening interest rates next year.

Thị trường hàng hóa hôm nay 28/11: Giá dầu thế giới kéo dài đà giảm sang phiên thứ ba liên tiếp

MXV-Index

World oil prices extended their decline for a third consecutive session.

At the close of trading yesterday, oil prices edged down about 0.1%, marking the third consecutive day of declines, amid a surprise surge in US gasoline inventories and the possibility of the Federal Reserve scaling back interest rate cuts.

Energy price list

At closing, WTI crude oil prices fell 0.07%, to nearly $69 per barrel. Meanwhile, Brent crude oil prices declined 0.12% to nearly $73 per barrel.

According to newly released data from the U.S. Energy Information Agency (EIA), U.S. gasoline inventories surged by 3.3 million barrels per day to 212.2 million barrels in the week ending November 22, a far cry from the 46,000-barrel decrease forecast in a Reuters survey. Notably, the unexpected increase in gasoline inventories ahead of Thanksgiving has raised concerns about weakening energy demand, putting pressure on oil prices.

In addition, in the US, the Personal Consumption Expenditures (PCE) index rose 0.2% in October, the same as the unadjusted increase in September. Over the 12 months to October, the PCE index increased 2.3% after a 2.1% increase the previous month. This suggests that, although inflation in the US is cooling, this trend is slowing down, potentially leading to a narrowing of the Fed's interest rate cuts in 2025.

Furthermore, according to the FedWatch tool, the market is betting that the Fed will cut interest rates by 25 basis points at its December 17th and 18th meeting, but will keep them unchanged at the January and March meetings of next year. This slower rate cut will keep borrowing costs high, thereby slowing economic activity, raising concerns about shrinking oil demand, and putting pressure on oil prices.

Prices of some other goods