Oil prices recover after a series of consecutive declines and fluctuations

According to the Vietnam Commodity Exchange (MXV), crude oil prices increased sharply, ending a series of previous declines and fluctuations.

According to the Vietnam Commodity Exchange (MXV), buying power dominated the world raw material market yesterday (December 3). At the close, the MXV-Index increased by 0.73% to 2,178 points. Metals and energy were two groups that attracted investment capital throughout the trading session. In the context of escalating geopolitical situations and increasing risks of trade tensions, prices of all 10 metal commodities increased simultaneously. In addition, the energy market, including crude oil, also recorded positive price increases.

Thị trường hàng hóa hôm nay 4/12: Giá dầu hồi phục sau chuỗi giảm và giằng co liên tiếp

MXV-Index

Green covers the metal price list

At the end of yesterday's trading session, the metal price chart was covered in green. For precious metals, silver prices recovered 2.03% to $31.49/ounce. Platinum prices also increased more than 1% to $960.2/ounce. As a "safe haven" whenever the economy fluctuates, precious metals continue to benefit in the context of escalating geopolitical conflicts and increasing trade tensions.

Metal price list

Yesterday, the Chinese Ministry of Commerce announced a ban on exports of gallium, germanium, antimony and other superhard materials with potential military applications to the United States. China's announcement came after the United States intervened in China's semiconductor industry. Previously, the United States said it would restrict exports to 140 Chinese companies, including 20 semiconductor enterprises, 2 investment companies and more than 100 chip machine tool manufacturers. According to experts, China's retaliation could increase trade tensions between the two countries, increasing the risk of a trade war.

In addition, the weakening of the US dollar after yesterday's strong increase also contributed to supporting the price of precious metals. The Dollar Index, a measure of the strength of the US dollar against six other major currencies, closed yesterday's session down nearly 0.1% to 106.37 points.

For base metals, prices across the board rose yesterday, supported mainly by expectations of continued economic stimulus from China. Prices of two key commodities, copper and iron ore, rose 1.73% to $9,263/ton and 0.48% to $105.11/ton, respectively.

Investors are now looking ahead to this month's Central Economic Work Conference for signs of additional fiscal or monetary stimulus after recent data showed the economy remains sluggish and unlikely to meet the government's target of around 5%.

Oil prices recover after a series of consecutive declines and fluctuations

According to MXV, crude oil prices rose sharply across the board, ending a series of previous declines and struggles. The escalation of the conflict in Lebanon between Israel and the Hezbollah militant group was the main factor that had a “bullish” impact on prices yesterday.

Energy price list

Closing yesterday's session, WTI crude oil price jumped 2.7% to nearly 70 USD/barrel, while Brent crude oil price also increased 2.49% to 73.6 USD/barrel.

In the Middle East, the market is closely watching tensions between Israel and Iran, as a direct confrontation between the two countries could impact the entire Middle East region and disrupt crude oil flows.

In addition, the market is also waiting for the December policy meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Yesterday's crude oil price movements showed that investors are betting on the possibility that OPEC+ will maintain production cuts in the first quarter of 2025, which could help the world crude oil market "soft landing".

According to data from the American Petroleum Institute (API), US commercial crude oil inventories rose by 1.23 million barrels in the week ending November 29, contrary to market expectations for a decrease of 2.06 million barrels. This marked the sixth week in 12 that US crude oil inventories have increased, raising concerns about the country's oil demand outlook and putting pressure on prices.

Prices of some other goods