Oil price up and down week

The past trading week has seen ups and downs in the oil market. Photo: MXV

According to the Vietnam Commodity Exchange (MXV), on April 29, world oil prices suddenly dropped nearly 3%, falling to their lowest level in more than two weeks, as market sentiment was pressured by growing concerns about the risk of global oversupply.

At the end of the trading session on April 29, Brent oil price stopped at 63.98 USD/barrel, down 2.85%. At the same time, WTI oil price also lost 2.63%, down to 60.42 USD/barrel.

On Wednesday, April 30, red continued to cover the energy market, in which the prices of two crude oil products continued to decline for the third consecutive session, when US economic indicators sent out less positive signals.

At the end of the trading session, Brent oil price decreased by 1.34%, down to 63.12 USD/barrel. Notably, WTI oil lost the 60 USD/barrel mark, falling to 58.21 USD/barrel, down 3.66%. This is also the lowest closing price of WTI oil since March 2021.

The market's focus is on the meeting of eight OPEC+ member countries scheduled to take place on May 5, to decide on production levels for June. Information circulating in the market is currently leaning towards the possibility that OPEC+ will continue to increase production sharply, similar to the decision made in May.

On the other hand, the US Department of Commerce released a preliminary report showing that GDP fell 0.3% in the last quarter - the first decline since the first quarter of 2022 and much lower than the 2.4% increase in the last quarter of 2024. This raised new concerns about the world's largest economy.

The US Energy Information Administration (EIA) also released data showing that US commercial crude oil reserves in the week ending April 25 fell sharply by 2.7 million barrels to 440.4 million barrels. This development partly helped to curb the decline in oil prices in the context of the market being under great pressure from macroeconomic factors.

However, on Thursday (May 1), the decline in the world crude oil market that lasted for three consecutive sessions has paused. The market recorded buying power again in the context of easing tensions between the US and Iran.

At the end of the session, Brent oil price increased by 1.75% to 62.13 USD/barrel, while WTI oil also increased by 1.77% to 59.24 USD/barrel, although it has not yet regained the 60 USD/barrel mark.

Notably, the outlook for global oil demand is somewhat more positive as the US has proactively approached China to promote dialogue on a new trade agreement between the world's two largest economies.

However, experts say that a series of negative indicators about the world's largest economy (such as GDP, PMI - purchasing managers in April, unemployment benefits...) recently announced are holding back the rise in oil prices.

Source: https://hanoimoi.vn/tuan-len-xuong-cua-gia-dau-701087.html