Crude oil prices fall to record lows.

VTV.vn - According to experts, a series of economic and geopolitical developments over the past few days have lowered expectations for oil prices in the near future.

In the energy market, at the close of trading early this morning Vietnam time, the price of crude oil listed on the US commodity exchange in New York City fell to a record low in years, as information indicated weakening oil demand but a potential sharp increase in upcoming production.

In the recently concluded trading session on the US commodities exchange, prices for both types of oil fell by more than 2.8%, reaching record lows since the beginning of 2021. Specifically, Brent crude closed at nearly $59 per barrel, while US WTI crude fell to just over $55 per barrel. Such a drop in oil prices is rare since the economic recovery following the Covid-19 pandemic. Overall this year, Brent crude has fallen by approximately 21%, while WTI crude has fallen even more sharply, by about 23%.

According to experts, a series of economic and geopolitical developments over the past few days have dampened expectations for oil prices in the near future. Specifically, crude oil prices are under pressure as members of the Organization of Petroleum Exporting Countries and its partners (also known as OPEC+) have rapidly increased production after years of cuts. Many investors also underestimate geopolitical risks as Russia and Ukraine are likely to reach a peace agreement. In addition, the US economy is showing increasing signs of weakness. Most recently, the unemployment rate rose to 4.6% in October, the highest level in four years.

Many experts predict that crude oil supply could increase sharply if a peace agreement is signed between Russia and Ukraine. At the same time, OPEC+ is also changing its strategy, trying to increase production to compete for market share.

Source: https://vtv.vn/gia-dau-tho-giam-ky-luc-100251217093156978.htm