Oil prices expected to rise due to potential supply disruptions

Thạch Lam (Theo Reuters) |

Oil prices rose on concerns about limited supplies due to Western sanctions and expectations of higher demand from China, Reuters reported.

Accordingly, Brent crude oil futures closed at $77.05/barrel, up 75 cents, or 0.98%. US WTI crude oil closed at $74.25/barrel, up 69 cents, or 0.94%.

Traders are looking to China's economic stimulus plans to boost growth as supplies are tight after the Christmas and New Year holidays, said foreign exchange market analyst Razan Hilal.

"Although the market is currently in a stable state, the increase is mainly due to expectations of improved demand thanks to increased traffic during the holidays and economic commitments from China. However, the main trend is still bearish," Hilal said.

It appears some investors have started to factor in the small risk of disruption to Iranian crude exports to China, said UBS analyst Giovanni Staunovo.

Concerns about sanctions tightening supply have boosted oil demand from the Middle East, with Saudi Arabia’s oil prices to Asia rising in February, marking the first increase in three months.

Higher inflation in Germany has raised concerns that the European Central Bank (ECB) may not cut interest rates as quickly as expected across the eurozone, according to analyst Ashley Kelty of Panmure Liberum.

Harry Tchilinguirian, director of research at Onyx Capital Group, said technical indicators for oil futures are currently overbought and sellers may be ready to step in again to take advantage of this strength, thereby limiting further price gains.

Investors are awaiting more economic data, including the US December non-farm payrolls report due on Friday.

"We are seeing a very tight physical market, with demand outstripping supply. This will lead to more inventory draws globally," said Phil Flynn, senior analyst at Price Futures Group.

Thạch Lam (Theo Reuters)
TIN LIÊN QUAN

Gasoline prices forecast to increase sharply in the next management period

|

According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices will continue to increase.

Gasoline prices increased simultaneously from the afternoon of January 2

|

Gasoline prices increased simultaneously from 3:00 p.m. today (January 2), after adjustment by the Ministry of Industry and Trade - Ministry of Finance.

Oil prices rebound in pre-holiday trading session

|

World oil prices rose more than 1% on December 24, reversing the previous session's decline, amid the possibility of tighter supplies.

Social insurance reduces many units after restructuring and streamlining

|

Vietnam Social Security is expected to become a public service unit of the Ministry of Finance, with 14 departments, 7 units less than at present.

Tao Quan ticket prices skyrocketed by 10 million VND before filming time

|

Before the recording of the Tao Quan program, the price of tickets increased to tens of millions of VND/pair.

Warm hearts of workers in Binh Dinh

|

Union members and workers in Binh Dinh felt warm when leaders of the Party, State and Vietnam General Confederation of Labor visited and presented meaningful gifts.

Illegal land exploitation in Soc Son: Consider prosecuting the case and prosecuting the accused

|

Following Lao Dong's article, the People's Committee of Soc Son district said it will strictly handle illegal land exploitation subjects, and criminal cases will be prosecuted.

Gasoline prices forecast to increase sharply in the next management period

Thạch Lam |

According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices will continue to increase.

Gasoline prices increased simultaneously from the afternoon of January 2

Thạch Lam |

Gasoline prices increased simultaneously from 3:00 p.m. today (January 2), after adjustment by the Ministry of Industry and Trade - Ministry of Finance.

Oil prices rebound in pre-holiday trading session

Thạch Lam |

World oil prices rose more than 1% on December 24, reversing the previous session's decline, amid the possibility of tighter supplies.