The first mixed week of world oil prices of the year

In the first trading session of the week on March 18.3 (Vietnam time), oil prices increased in the context of drone attacks from Ukraine, causing Russia's oil refining capacity to be strongly affected. This impacts global petroleum supply and promotes strong buying power in the oil market.

The increase in oil prices continued into the session on March 19.3 (Vietnam time) because Iraq - OPEC's second largest producer said it would reduce crude oil exports to 3,3 million barrels/day in the coming months to compensate. compensate for exceeding OPEC+ quotas since January.

Positive oil demand data in China and the US and the extension of OPEC+ voluntary production cuts until the end of June supported oil prices to a 6-month high on March 5 (Vietnam time). .

According to SEB Research analyst Bjarne Schieldrop, Brent oil prices will likely trade at 80 - 90 USD/barrel this year.

The Fed's decision to keep interest rates unchanged at 5,25% to 5,5% pushed oil prices to slide in the trading session on March 21.3 (Vietnam time).

Oil prices continued to decrease in the session on March 22.3 (Vietnam time) because of weaker gasoline demand. The US Energy Information Administration (EIA) said that crude oil inventories in the US continued to decrease for the second consecutive week with a decrease of 2 million barrels to 2 million barrels.

Gasoline inventories fell for the 7th consecutive week, down 3,3 million barrels to 230,8 million barrels. Meanwhile, gasoline product supplies, a proxy for product demand, fell below 9 million barrels.

At the last trading session of the week on March 23.3 (Vietnam time), oil prices fell amid market expectations that a ceasefire agreement between Israel and Hamas in Gaza would help boost supply.

Thus, for the whole week, Brent oil increased by 0,3%, WTI oil decreased by 0,4%.