World oil prices recover from 5-month low

In the session on October 21, world oil prices recovered from the previous session's 5-month low, as investors were reassessing the possibility of oversupply and waiting for further developments in the US-China trade tensions.

Saudi Aramco oil refinery in Saudi Arabia. Photo: Yonhap/TTXVN

At the close of the session, Brent crude oil prices increased by 31 US cents, or 0.5%, to 61.32 USD/barrel. Meanwhile, US light sweet crude oil prices (WTI) closed up 30 US cents, or 0.5%, to 57.82 USD/barrel.

In the previous session, prices of both types of oil hit their lowest levels since early May, as record high oil production in the US and the decision to increase supply by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, raised concerns about oversupply.

However, relatively low US crude and distillate inventories are helping to offset some of the pressure on benchmarks, according to Bjarne Schieldrop, head of commodity analysis at SEB.

UBS analyst Giovanni Staunovo noted that while supply concerns have resurfaced in recent weeks, he believes the oil market is oversupplied but not yet in a crisis. He expects oil prices to stabilize around current levels, while predicting that prices could come under pressure if trade tensions escalate.

Meanwhile, the United States and China, the world's two largest oil consumers, have made some efforts to ease trade disputes. US President Donald Trump recently said he expected to reach a trade deal with Chinese President Xi Jinping at a meeting scheduled in South Korea next week.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-the-gioi-phuc-hoi-tu-muc-thap-nhat-5-thang-20251022071459336.htm