According to the survey at 9:21 p.m. on February 13 (Vietnam time), WTI oil price decreased by 0.63 USD/barrel (down 0.88%), down to 70.74 USD/barrel. Brent oil prices also decreased by 0.71 USD/barrel (down 0.94%), down to 74.47 USD/barrel.
Brent and WTI oil prices fell more than 2% on Wednesday after US President Donald Trump said Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy expressed their desire for peace in private phone calls with him. President Donald Trump also said he has ordered US officials to begin negotiations to end the war in Ukraine.
UBS analyst Giovanni Staunovo said that oil prices have decreased in the past 24 hours mainly due to supply concerns that have shifted to expectations of more stable supply. He added that some investors expect Russia's energy exports to increase.
In its latest oil market report, the International Energy Agency (IEA) said that Russia's oil exports could continue to maintain if solutions are found to the latest sanctions from the United States. The report also pointed out that Russia's crude oil production increased slightly last month.
PVM analyst John Evans said that news about Ukraine along with US oil reserve data on Wednesday has somewhat offset the impact of higher US inflation figures. Rising inflation could make the Federal Reserve more cautious about cutting interest rates in 2025.
ANZ analysts said oil prices fell after news of potential peace talks because the market was "anxious that risks to crude oil supply would ease", implying the impact of US and EU sanctions.
"In the past two weeks, signs of tightening supply have pushed oil prices up. US sanctions on Russian oil and transport companies have aggravated the situation, ANZ experts said.
In addition, the increase in crude oil reserves in the United States - the world's largest oil consumer - also puts pressure on the market. According to the US Energy Information Administration (EIA), the country's crude oil reserves increased more than expected last week. In addition, President Donald Trump's plan to announce transit tariffs on Thursday will also impact the market.
