DNVN - On October 22, world oil prices recorded a second consecutive increase as traders reduced expectations for a possible ceasefire in the Middle East and turned their attention to signs that demand from China may improve.
At the end of the trading session, the price of Brent crude oil for December 2024 delivery increased by 1.75 USD, equivalent to 2.4%, closing at 76.04 USD/barrel. At the same time, the price of US light sweet crude oil (WTI) for November 2024 delivery also increased by 1.53 USD, equivalent to 2.2%, reaching 72.09 USD/barrel.
An oil refinery in California, USA. Photo: AFP/TTXVN
Recent efforts by the Chinese government to boost the economy have prompted some analysts to revise up their forecasts for oil demand in the world’s largest crude importer. Although weak demand from China, coupled with a shift to electric vehicles, has continued to weigh on oil prices in recent months.
Both Brent and WTI rose nearly 2% on Monday, partly reversing last week’s more than 7% decline after China cut its benchmark lending rate. Any improvement in economic growth is likely to boost fuel consumption, but it may take some time for the stimulus to have an impact on oil demand, according to StoneX analyst Alex Hodes.
Oil demand in China rose by about 100,000 barrels per day last week to a six-month high, thanks to better-than-expected industrial output and retail sales, according to analysts at Goldman Sachs.
On October 22, China announced a crude oil import quota for next year of 257 million tons (equivalent to 5.14 million barrels/day), up from 243 million tons this year.
Data from the American Petroleum Institute (API) showed that US crude oil inventories rose by 1.64 million barrels last week, while gasoline and distillate inventories fell by a combined 3.5 million barrels.
Investors remain skeptical about the possibility of a ceasefire in the Middle East. Israel has shown no signs of stopping its military operations in Gaza and Lebanon, while Hezbollah refuses to participate in negotiations while fighting with Israel continues.
Khanh Linh (t/h)
Source: https://doanhnghiepvn.vn/quoc-te/gia-dau-the-gioi-tang-phien-thu-hai-lien-tiep/20241023081520625
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