According to the Vietnam Commodity Exchange (MXV), on the first day of the week (June 9), strong selling pressure occurred in the world energy market.
Investors' wait for the outcome of negotiations between the US and China, along with forecasts from the World Bank and the US Energy Information Administration (EIA), has weakened oil prices.
Brent crude oil prices have slightly decreased by about 0.25%, down to 66.87 USD/barrel. Similarly, WTI crude oil prices also decreased to 64.98 USD/barrel, down about 0.47%.
On the first day of the week, the focus of international market attention turned to London (UK), where high-level trade negotiations between the US and China took place.
While the market sees any easing in trade tensions between the world's two largest economies as a positive sign, investors are still waiting for concrete results from both sides to assess the real impact of this round of negotiations on oil prices and global commodity markets.
Along with that, concerns about the world economic outlook still exist, when the World Bank has just announced a forecast that global growth in 2025 will fall to its lowest level since 2008 at 2.3%, excluding recessionary periods, mainly due to increased trade tensions and policy uncertainty.
However, on Wednesday (June 11), the price of two crude oil products skyrocketed nearly 5% due to a series of news related to US-China relations and geopolitical tensions.
Closing the trading day in the middle of the week, Brent oil price climbed to 69.77 USD/barrel, equivalent to an increase of about 4.34%.
Similarly, WTI oil price jumped 4.88% to 68.15 USD/barrel. These are both the highest levels since early April.
The market's biggest concern since last weekend has been the results of high-level trade talks between the US and China.
According to an announcement by US President Donald Trump on the social network Truth Social, the US will impose a 55% tax on imported goods from China, while China will maintain a 10% tax on US goods.
Notably, Beijing agreed to lift export barriers to rare earths and magnets to the US; in return, Washington will allow Chinese students to continue studying at American universities.
The main driving force behind the surge in oil prices in the third session also came from new geopolitical developments in the Middle East.
At the end of the session, many international news agencies simultaneously reported that the US Embassy in Baghdad (Iraq) was preparing plans to evacuate staff due to increased security risks in the region, causing oil prices to increase by nearly 2%.
This development raises concerns about the possibility of supply disruptions from the Middle East region, especially from Iraq and Iran.
Until Thursday (June 12), after a sharp increase in one session, the prices of two crude oil products turned to weaken.
A cautious mood prevailed in energy markets as investors reassessed the impact of complex political developments in the Middle East.
Closing, Brent oil price decreased by 0.59%, down to 69.36 USD/barrel; while WTI oil price also recorded a slight decrease of 0.16%, stopping at 68.04 USD/barrel.
In the latest developments, this morning (June 14), world oil prices increased dramatically after the Israel-Iran conflict broke out.
Specifically, Brent oil price is at 73.50 USD/barrel, up 5.91% (equivalent to an increase of 4.10 USD/barrel).
Similarly, WTI oil price was at 72.20 USD/barrel, up 6.08% (equivalent to an increase of 4.14 USD/barrel).
Experts say that oil prices may continue to fluctuate in the coming time, in the context of escalating geopolitical tensions, the impact of the US-China trade agreement on the market is still limited, as investors continue to be cautious about the prospect of a comprehensive and sustainable trade agreement in the long term.
Source: https://hanoimoi.vn/tuan-len-xuong-bat-dinh-cua-gia-dau-705546.html
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