WTI oil price has returned to the 60 USD/barrel mark

The opening session of the new week witnessed a spectacular “acceleration” of silver prices, increasing 4.5% back to the threshold of 50 USD/ounce. Along with the upward trend, the entire energy group also increased in price, pulling the MXV-Index to close the session up strongly by 1.3%, to 2,356 points.

Positive sentiment fuels oil price recovery

According to MXV, the energy market yesterday witnessed overwhelming buying power with all 5 commodities increasing in price. Notably, WTI oil price returned to the threshold of 60 USD/barrel, stopping at 60.13 USD/barrel, equivalent to an increase of about 0.6%; Brent oil price also recorded an increase of nearly 0.5% to 63.94 USD/barrel.

On the other hand, the severe disruption of the US aviation industry last week also pushed part of the US energy demand from jet fuel to gasoline, causing RBOB gasoline prices on the NYMEX floor to increase by more than 1.5% in the recent session.

US retail gasoline prices also received support from supply cuts due to attacks on energy infrastructure in Russia, which negatively impacted global supplies and contributed to the price recovery.

Silver prices skyrocket

Not out of the general market trend, the metal group also recorded green covering all 10 items in the group at the beginning of the new week. Silver continued to attract the attention of investors when it extended its increase to the second consecutive session. Closing, silver price increased by 4.5% to 50.31 USD/ounce, marking the highest level in nearly 3 weeks.

Many expect that when economic data returns, the market will see a picture of weaker employment and lower-than-expected inflation, which will open up more room for the US Federal Reserve (Fed) to continue cutting interest rates later this year. The reduction in interest rates could put pressure on the USD, causing capital to shift to safe-haven assets such as silver, contributing to the metal's upward momentum.

Previously, a report by Challenger, Gray & Christmas showed that the number of workers laid off in October increased by 175% compared to the same period last year and 183% compared to September, to 153,074 people, mainly due to businesses cutting costs and promoting the application of artificial intelligence.

Domestically, silver prices increased by about 3.6% on the morning of November 11 compared to yesterday's session, reflecting the upward trend of the international market. Domestic silver consumption is largely dependent on imports, so this trend is not too surprising. Currently, the price of 999 silver in Hanoi fluctuates between 1.638 and 1.668 million VND/tael, while in Ho Chi Minh City it is 1.64 and 1.673 million VND/tael, showing that the market is maintaining a positive trend.

Price list of some other goods