World oil prices increased by more than 4%

According to the Vietnam Commodity Exchange (MXV), buying power dominated the last trading week (October 21-27), pushing the MXV-Index up nearly 1.7% to 2,193 points.

Notably, in the energy market, the prices of all five commodities were bright green, of which the prices of two oil commodities increased by more than 4%. Meanwhile, the group of industrial raw materials moved in the opposite direction to the general trend of the whole market. In particular, the price of Robusta coffee recorded its fourth consecutive week of decline to its lowest level in more than two months.

Thị trường hàng hóa hôm nay ngày 28/10: Giá dầu thế giới tăng hơn 4%

MXV-Index

World oil prices increased by more than 4%

After a sharp sell-off last week, world oil prices recovered more than 4% in the past trading week. Specifically, WTI oil prices increased by 4.5% to 71.78 USD/barrel, while Brent oil prices also increased by 4.09% to 76.05 USD/barrel. Geopolitical tensions in the Middle East are said to be the main reason supporting oil prices.

Energy price list

Israel launched airstrikes on the Syrian capital Damascus early on October 24, Syrian state media said, the latest in a series of attacks in the Gaza Strip. Two days later, Israel launched an attack on southern Lebanon that killed three journalists, raising concerns about the risk of disruption to oil supplies in the Middle East, helping to support a recovery in global oil prices.

On the demand side, JP Morgan analysts recently said that stronger demand for distillates has provided some support for oil prices. They noted strong travel demand in Asia and continued declines in distillate inventories in several major markets. JP Morgan added that distillate demand in the fourth quarter could exceed market expectations.

In addition, analysts at financial firm StoneX said that if the Chinese economy improves, oil demand will benefit. However, the stimulus measures from China will take time to take effect and this could last for several months.

Other analysts say the energy market could see more volatility in the crucial run-up to the US presidential election, which will be followed by the Federal Reserve’s interest rate decision at its November 2024 meeting.

Prices of some other goods