World oil prices recover from 5-month low

In the session on October 21, world oil prices recovered from the previous session's 5-month low, as investors were reassessing the possibility of oversupply and waiting for further developments in the US-China trade tensions.

A Saudi Aramco oil refinery in Saudi Arabia. Photo: Yonhap/VNA

At the close of trading, North Sea Brent crude rose 31 cents, or 0.5%, to $61.32 per barrel. Meanwhile, West Texas Intermediate (WTI) crude closed up 30 cents, or 0.5%, at $57.82 per barrel.

In the previous session, prices for both types of oil hit their lowest levels since early May, due to record-high US oil production and the decision by the Organization of Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, to increase supply, raising concerns about oversupply.

However, according to Bjarne Schieldrop, head of commodity analysis at SEB, relatively low U.S. inventories of crude oil and distillate fuels are helping to offset some of the pressure on benchmark oils.

UBS analyst Giovanni Staunovo noted that while supply concerns have resurfaced in recent weeks, he believes the oil market is in a state of oversupply but not yet at a crisis point. He expects oil prices to stabilize around current levels, while predicting that the price of "black gold" could come under pressure if trade tensions escalate.

Meanwhile, the United States and China, the world's two largest oil consumers, have made some efforts to ease trade disagreements. US President Donald Trump recently stated that he expects to reach a trade agreement with Chinese President Xi Jinping during their planned meeting in South Korea next week.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-the-gioi-phuc-hoi-tu-muc-thap-nhat-5-thang-20251022071459336.htm