World oil prices surged.

The energy market saw an impressive week of gains across all commodities, with crude oil being the main highlight, rising 6%.

According to the Vietnam Commodity Exchange (MXV), the global commodity price chart was dominated by green last week (November 18-24). At closing, the MXV-Index rose 2.18% to 2,197 points. Notably, the energy market saw all five commodities simultaneously increase in price by 4-10% amidst complex global geopolitical developments.

MXV-Index

World oil prices surged.

The energy market witnessed an impressive week of gains across all commodities, with crude oil being the highlight, rising 6% and completely erasing the 4% decline from the previous week. Bottom-fishing, escalating geopolitical tensions, and concerns about short-term oil supply shortages in some major oil-producing regions were the factors driving the surge in global oil prices last week.

Energy price list

At the start of last week's trading session, oil prices surged amid ongoing conflict in the Middle East and changes in US policy regarding the war in Ukraine, fueling concerns about potential disruptions to global crude oil supply. Furthermore, a power outage leading to a temporary halt in production at Western Europe's largest oil field, Johan Sverdrup, further increased worries about disruptions to crude oil supply in the North Sea. These factors contributed to the rise in world oil prices.

In addition, a decrease in crude oil inventories on tankers worldwide also contributed to supporting prices. According to ship monitoring firm Vortexa, crude oil inventories on tankers in the week ending November 15th reached 50.97 million barrels, down 14% from the previous week.

On the oil demand side, last week the market received a series of positive signals from the world's largest consuming markets. On November 21st, amidst the possibility of the US imposing tariffs of 60% or more on imported goods from China, the Chinese government announced measures to boost trade and support imports of energy products. In addition, the outlook for oil demand improved further after news that crude oil imports into China in November could reach 11.4 million barrels per day, the highest level since August, as the country took advantage of the low prices in September to stockpile. Furthermore, crude oil imports into India – the world's third-largest consumer market – also increased by 4.2% in October 2024 compared to the same period last year. These factors supported the upward trend in oil prices last week.

Source: https://congthuong.vn/thi-truong-hang-hoa-hom-nay-25112024-gia-dau-the-gioi-tang-vot-360688.html