Strong increase after 3 weeks of decline, global stocks fall to lowest since 2014

Supply is still a constant concern of the market in the past week.

Last week, both Brent and WTI posted their first weekly gains in three weeks, with Brent up more than 11.5% and WTI up 8.8%.

Oil price at the end of the week on the way of climbing again after a few previous “short of breath” sessions. It is expected that the energy market will witness many spikes and drops as the world deals with potential supply shortages.

EU foreign ministers have mixed opinions on the ban as some countries, including Germany, say the bloc is too dependent on Russian fossil fuels to withstand the consequences of the measure. .

John Kilduff, partner of Again LLC in New York, said it was clear that the German economy would be weakened so the EU was taking a step back from the ban on Russia.

Crude oil prices rose more than 1% in trading on Friday (March 25) to more than $120 a barrel, as traders assessed the impact of a missile attack on an oil distribution facility in Saudi Arabia. Saudi Arabia, with the US able to release its oil reserves.

However, the gaining momentum could not be maintained as at the end of the week, the US WTI oil price dropped 0.21% to 112.58 USD/barrel. While the price of Brent crude oil delivered in May increased 0.18% to 119.24 USD/barrel compared to the closing session yesterday.

With global stocks at their lowest level since 2014, analysts say the market remains vulnerable to any supply shock.

Crude oil prices remain high

In the Vietnamese market, on the morning of March 27, the market price of gasoline was not higher than the price:

– E5RON92 gasoline: not higher than 28,330 VND/liter;

– RON 95 gasoline is not higher than 29,192 VND/liter;

– Diesel oil is not higher than 23,633 VND/liter,

– Kerosene is not higher than 22,245 VND/liter,

– Fuel oil is not higher than 20,423 VND/kg.