At 14:00 hours of Vietnam time, at the Singapore Electronic Exchange, Brent crude oil prices rose 21 cents (0.3%) to 72.25 USD / barrel; and West Texas standard oil price (WTI) increased by 17 cents (0.3%) to 63.67 USD / barrel.

Oil prices were subject to downward pressure at the beginning of the session, following data on manufacturing activity in China. According to the National Bureau of Statistics (NBS), in April 2019, the Purchasing Managers’ Index (PMI) stood at 50.1 (points), down from 50.5 (points) in the month. 3/2019.

This is the latest sign that Asia’s largest economy is still struggling in an effort to regain growth.

Despite the global economic instability, oil prices have risen nearly 40% since January, thanks to the production cut program of the Organization of Petroleum Exporting Countries (OPEC) as well as US sanctions. aimed at Iran and Venezuela.

Even so, Bank of America Merrill Lynch judged that the oil market will be close to equilibrium in 2019, amid rising production from OPEC and the US.

Meanwhile, bank BNP Paribas (France) said that oil prices will increase until the third quarter of 2019, but then will be under pressure due to a sharp increase in US oil exports.

The bank predicts WTI oil prices will average 63 USD / barrel in 2019, up 2 USD compared to the previous forecast, while Brent oil price will be at 71 USD / barrel, up 3 USD compared to the forecast. before.