Oil prices continue to weaken

Commodity market today, October 8, 2024: Oil prices continue to 'heat up' Commodity market today, October 9: Energy market 'blazing red', pulling MXV-Index back to weaken

While all energy commodities closed in red, the industrial raw materials market, especially coffee, performed positively, with prices recovering. At the close, selling pressure continued to dominate, causing the MXV-Index to lose 0.42% to 2,199 points.

Thị trường hàng hóa hôm nay ngày 10/10: Giá dầu tiếp tục suy yếu

MXV-Index

World oil prices continue to fall due to soaring US inventories

At the close of yesterday's trading session, the energy market continued to sink deep into the red. In particular, WTI oil price decreased by 0.45% to 73.24 USD/barrel, Brent oil price lost nearly 0.78% to 76.58 USD/barrel. The international oil market is witnessing a prolonged downward trend due to strong supply increases and unexpectedly high inventories in the US.

Energy Price List

According to the latest report from the US Energy Information Administration (EIA), the country's commercial crude oil inventories increased significantly by 5.8 million barrels last week. This figure far exceeded experts' predictions and reflected the oversupply situation in the market. Notably, earlier in the day, the American Petroleum Institute (API) also released data showing an even higher increase in inventories, reaching nearly 11 million barrels.

Not only did inventories increase, but US oil production also recorded a significant increase. The EIA said that the country's oil production increased by 100,000 barrels/day last week, reaching 13.4 million barrels/day - a remarkable number in the current context.

The supply glut is not limited to the United States. Globally, many oil-producing countries are also seeing increased production. Most notably, Kazakhstan, where the country’s largest oil field, Tengiz, increased production to a record of nearly 700,000 barrels per day in October.

Kazakhstan's move to increase production comes despite efforts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to limit supply in October and November. This shows the complexity of controlling global oil supplies, as countries outside OPEC+ continue to increase production.

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