At 13:43 Vietnam time, the price of Brent oil fell 26 US cents (0.23%) to 112.90 USD/barrel, after rising more than 1 USD to 114.21 USD/barrel at the beginning of the session
While the price of New York light sweet oil (WTI) fell 45 US cents (0.42%) to 107.76 USD/barrel, after rising to 108.92 USD/barrel at one point.
In the previous session, prices of two major oil commodities rose more than 1% as production shutdowns in Libya added to concerns about global supply already tight because of the Ukraine crisis.
However, on April 19, oil prices were under pressure when the USD traded at the highest level in two years. A stronger greenback makes USD-denominated commodities more expensive for investors holding other currencies.
A gas pump station in Bangkok, Thailand. Illustration: AFP/VNA
In addition, the “black gold” market is also affected, with the expectation that fuel demand in China, the world’s largest oil importer, will increase when factories in Shanghai are about to reopen. again.
However, experts note that oil prices remain vulnerable to demand shocks as China continues to impose measures to limit the spread of the COVID-19 epidemic.
SPI Asset Management (Switzerland) CEO Stephen Innes said that for oil prices to grow sustainably, the reopening of cities in mainland China is necessary to support oil demand through economic recovery.
U.S. crude inventories rose 9.4 million barrels in the week to April 8 to 421.8 million barrels, according to a survey conducted by Reuters, much higher than the 863,000-barrel increase forecast by the U.S. previous analysts.