The increase in world oil prices slows down

In the last session of the week, Brent oil price for August delivery was "neo" at 109.5 USD/barrel. At the same time, US WTI crude oil was traded at 106.8 USD/barrel.

Thus, the world oil market has had a rather volatile week with strong increases and decreases interspersed. Specifically, in the first two sessions of the week, world oil prices increased in the context of the market tightening supply.

In the session on June 22, oil prices turned to plummet by more than 7 USD as investors worried that the Fed's interest rate increases would push the US economy into recession, reducing fuel demand.

In the session of June 23, world oil prices continued to decrease by nearly 2 USD/barrel after the speech of Chairman of the US Federal Reserve (Fed) Jerome Powell on the Central Bank focusing on curbing unconditional inflation and the labor market developing strongly in an unsustainable way.

This has raised concerns that raising US interest rates will slow economic growth.

Despite a strong recovery in the session of June 24, for the whole week, WTI oil prices still decreased by 0.3%. Meanwhile, Brent oil prices remained almost unchanged from last week's closing price.

PVM analyst Stephen Brennock said that oil prices will continue to be supported by high demand for fuel in the summer, while supply remains tight due to sanctions on Russian oil.

Next week, the US Energy Information Administration (EIA) will release official figures on oil reserves after delaying the announcement due to technical problems.

In addition, it is expected that on June 30, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will hold a group meeting to review the market situation and decide on oil production levels in August.