At the end of the trading session on September 30, Brent crude oil price for November 2024 delivery decreased by 21 US cents to 71.77 USD/barrel. Meanwhile, the contract for December 2024 delivery increased by 27 US cents to 71.81 USD/barrel. However, in September alone, Brent crude oil price decreased by 9%, this is the sharpest decrease since November 2022. In the third quarter of 2024, Brent crude oil price decreased by a total of 17%, the largest decrease in the past year.

Similarly, the price of US light sweet crude (WTI) also decreased slightly by 1 US cent to 68.17 USD/barrel. In September 2024, WTI oil prices decreased by 7%, the largest decrease since October 2023. In the third quarter, this oil price decreased by 16%, the largest decrease since the third quarter of 2023.

This month, pressure on oil prices has increased due to concerns about global crude supply.

However, oil prices still received some support from the possibility that Iran, a key member of the Organization of the Petroleum Exporting Countries (OPEC) and a major oil producer, could be drawn into a wider conflict in the Middle East. Markets are closely watching whether the conflict in the Middle East will spread to the region, according to economist Tim Snyder of Matador Economics.

Viet Anh (t/h)