US WTI crude oil price at 8:00 am (Vietnam) decreased by 0.15 USD/barrel, equivalent to 0.19%, to 78.01 USD/barrel. At the same time, US Brent crude oil price decreased by 0.17 USD/barrel, equivalent to 0.21%, to 80.87 USD/barrel.
At the end of the trading session on August 15, oil prices increased by more than 1 USD after US economic data eased fears of recession in the world’s largest economy. Brent oil price increased 1.28 USD, equivalent to 1.6%, to 81.04 USD/barrel. WTI oil price increased by 1.18 USD, equivalent to 1.53%, to 78.16 USD/barrel.
Data from the US Department of Commerce’s Census Bureau shows that in July, retail sales increased 1%, contrary to the previous level.
decreased 0.2% in June and increased higher than expected. Another report showed a smaller-than-expected increase in the number of Americans applying for unemployment benefits. Analysts said the positive economic data was an indicator that the Fed was headed for a soft landing.
In addition to the moderate increase in the consumer price index in July 2024, expectations that the US Federal Reserve (Fed) will cut interest rates next month are further strengthened. This could boost economic activity and oil consumption.
We can see that supported oil prices.by concerns about how Iran will react to the assassination of the leader of Hamas late last month. Meanwhile, the Russia-Ukraine conflict is also quite tense. On August 16, Russia said it would strengthen border defenses, improve command and control and dispatch more forces.
“Geopolitics and the risk of widespread conflict in the Middle East are pushing prices up, as threats of retaliation grow louder,” said Tim Snyder, chief economist at Matador Economics.
World petroleum price developments updated to August 16, 2024 (USD/barrel)
Compiled from Htcn.vn
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