Crude oil prices surge in impressive week

Last week, crude oil prices increased by more than 3%. Photo: MXV

According to the Vietnam Commodity Exchange, the downward trend of oil prices continued to extend into the first trading session of the week (May 5) when OPEC+ officially announced the decision to increase production in June.

At the end of the trading session, Brent oil price stopped at 60.23 USD/barrel, down 1.73%. Similarly, WTI oil price continued to decrease by 1.99%, down to 57.13 USD/barrel. These are both the lowest prices since February 2021.

OPEC+ said the move was based on a healthy oil market and low inventories. However, many experts warned that continuing to raise production amid an uncertain global oil demand outlook could put the market at risk of a prolonged oversupply.

Besides supply factors, market sentiment was also pressured by the weakening demand outlook as the US experienced its first quarter of deflation in three years.

Oil prices continued to weaken in the trading session on May 7. Closing, Brent oil prices fell to 61.12 USD/barrel, down 1.66%. Similarly, WTI oil prices lost 1.73%, down to 58.07 USD/barrel.

However, at the end of the trading session on May 8, the prices of the two oil products turned around and increased sharply. Of which, Brent oil increased by 2.81% to 62.84 USD/barrel, while WTI oil increased by 3.17%, closing at 59.91 USD/barrel. These are both the highest closing prices since the beginning of May 2025.

News that the UK has reached a trade agreement with the US has created optimism in the crude oil market. This is considered an important step, strengthening economic relations between the two traditional allies, while creating a positive psychological effect on international financial and commodity markets.

In addition, the market turned its attention to the US-China trade negotiations scheduled to take place in Switzerland on May 10, opening up hope for the possibility of easing trade tensions between the world's two largest economies.

Source: https://hanoimoi.vn/tuan-tang-an-tuong-cua-gia-dau-tho-701790.html