Over the past two weeks of trading, global oil prices have started the new year on a recovery trend, exceeding $71 per barrel for WTI crude oil and $74 per barrel for Brent crude oil.

Mr. Trần Ngọc Quang, Deputy Director of SFVN, stated that although the recovery has not met market expectations and predictions, it is still a fairly optimistic signal given the lack of significant breakthroughs in global demand. In the coming period, oil prices are likely to decline due to the continued forecast of weakening global economic growth. Meanwhile, oil supply from the U.S., Canada, and Iran is increasing, and by the end of March, some OPEC+ members will also conclude their voluntary production cuts.

Source: VTV1