Last week WTI oil price increased by 1.56%

Last week, WTI oil prices increased by 1.56%. *Photo: MXV*

At the end of the first trading session of the week, the energy market recorded slight fluctuations with oil prices fluctuating within a narrow range.

Specifically, WTI oil price remained unchanged at 61.5 USD/barrel, while Brent oil only decreased slightly by 0.06%, down to 64.7 USD/barrel.

Cautious sentiment continues to dominate the market as investors await OPEC+'s decision on July production plans.

Experts say that if OPEC+ continues to approve the increase in production by 411,000 barrels per day, this will be the third consecutive month of strong production increase, far exceeding the original plan of only about 137,000 barrels per day, raising concerns about the risk of oversupply and continuing to put pressure on oil prices.

In addition, the market also received positive news when the US withdrew its proposal to impose a 50% tax on imports from the EU, and restored the deadline for trade negotiations between the two sides to July 9.

However, on May 28, the energy market recorded a strong recovery in buying power. In particular, Brent oil price stopped at 64.9 USD/barrel, corresponding to an increase of 1.26%. At the same time, WTI oil price also increased by 1.56%, to 61.84 USD/barrel.

The rally was driven by concerns about supply disruptions in Venezuela and Canada.

The Organization of the Petroleum Exporting Countries and its partners (OPEC+) met to set a baseline oil production mechanism for 2027 instead of discussing July production levels.

In addition, the American Petroleum Institute (API) released its estimate of US crude oil inventories. Contrary to most predictions, the week ending May 23 recorded a decrease of up to 4.24 million barrels, reversing the increase of about 2.5 million barrels in the previous week.

Source: https://hanoimoi.vn/tuan-qua-gia-dau-wti-tang-1-56-704101.html