World oil price "plummet" week

Last week, oil prices "plummeted" to a 4-year low. Photo: MXV

According to statistics, on April 7, oil prices continued to plummet as trade tensions between the US and major partners escalated.

At the end of the trading session on April 7, Brent oil prices fell below $65/barrel for the first time since April 2021, closing at $64.21/barrel (down 2.09% from the previous day). WTI oil prices also recorded a four-year low, down 2.08% to $60.7/barrel.

Investors became more pessimistic about the prospect of global economic deflation as well as future oil demand, so on April 8, oil prices "fell" below $60/barrel.

At the end of the trading session, WTI oil price stopped at 59.58 USD/barrel, down 1.85%. Brent oil price also recorded a decrease of 2.16%, down to 62.82 USD/barrel.

However, by April 9, both Brent and WTI oil had increased by more than 4%. Brent oil price reached 65.48 USD/barrel, corresponding to an increase of 4.23%; while WTI oil price increased by 4.65% and stopped at 62.35 USD/barrel.

The reason for the increase in oil prices is that US President Donald Trump announced a 90-day suspension of reciprocal tariffs, thereby helping to stabilize the energy market.

On April 10, world oil prices suddenly plummeted. At the end of the trading session, both Brent and WTI crude oil fell by more than 3%. Brent crude oil prices recorded a decrease of 3.28%, down to 63.33 USD/barrel; while WTI crude oil prices were at 60.07 USD/barrel, down 3.66%.

Oil prices also fell following US President Donald Trump's announcement that he would raise tariffs on Chinese imports to 145%, escalating trade tensions between the world's two largest economies.

Most forecasts now suggest that oil prices will continue to fall sharply. According to Societe Generale, WTI could fall to $57 per barrel by the end of 2025, while Goldman Sachs even believes that Brent could fall to $40 per barrel.

Source: https://hanoimoi.vn/tuan-lao-doc-cua-gia-dau-the-gioi-698704.html