WTI oil prices recorded an increase of about 1.7% since the beginning of the week

US West Texas Intermediate (WTI) crude oil prices rose sharply last week, thanks to expectations of a US Federal Reserve interest rate cut, escalating US-Venezuela tensions and stalled peace talks in Moscow, although both benchmarks fell on December 5 compared to the previous session.

A gas station in Brussels, Belgium. Illustration photo: THX/TTXVN

Brent crude fell 3 cents, or 0.05%, to $63.23 a barrel at 2:45 p.m. Vietnam time. WTI crude fell 10 cents, or 0.17%, to $59.57 a barrel, although it posted a weekly gain of about 1.7%, marking its second consecutive weekly gain.

Both contracts were up about 1% in the previous session.

Of economists polled by Reuters between November 28 and December 4, 82% expect the Fed to cut interest rates by 25 basis points at its policy meeting next week. A rate cut would stimulate economic growth and oil demand.

Supply remains the main driver of the market, said Anh Pham, senior research analyst at the London Stock Exchange's data and analytics department. A peace deal between Ukraine and Russia would boost oil supplies to the market and potentially push prices down. On the other hand, any escalation of geopolitical tensions would push prices higher. The agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, to keep output unchanged until early next year also helped support prices.

The market also continues to brace for the possibility that the US will begin taking action against any country that brings illegal drugs into the country, “not just Venezuela,” as President Donald Trump said last weekend. Independent energy research firm Rystad Energy said such a move could impact Venezuela’s 1.1 million barrels per day of crude oil production.

Oil prices also rose this week as US talks in Moscow on the conflict in Ukraine failed to produce any significant breakthroughs, including a deal to allow Russian oil back onto the market.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-wti-ghi-nhan-muc-tang-khoang-17-ke-tu-dau-tuan-20251205154516982.htm