World oil prices have surged, reaching their highest level since 2015.

After fluctuating in opposite directions at the beginning of the week, world oil prices rose for the remaining four sessions of the week and surged to their highest level since 2015 in the final session.

In early trading this week, the prices of the two key commodities on the market moved in opposite directions. Brent crude rose following news of a temporary shutdown of the North Sea oil pipeline for leak repairs and a strike in Nigeria's energy sector. Meanwhile, West Texas Intermediate (WTI) crude was pressured by concerns about the increasing US oil production trend.

Entering the trading session on December 19th, world oil prices rose as investors awaited official data on US oil inventories. A weaker US dollar also made oil – which is traded in this currency – more attractive to investors holding other currencies. The US dollar index, a measure of the greenback's value against six other major currencies, fell 0.27% to 93.446 at the close of trading.

In trading on December 20th and 21st, world oil prices continued to rise thanks to reports showing that US crude oil inventories fell more sharply than expected last week. In addition, the continued shutdown of the Forties oil pipeline in the British North Sea also supported the price of "black gold".

According to a report by the U.S. Energy Information Agency (EIA), crude oil inventories in the world's largest economy fell by 6.5 million barrels in the week ending December 15, exceeding analysts' forecasts. Currently, U.S. crude oil inventories, excluding the Strategic Petroleum Reserve, stand at 436.5 million barrels, the lowest level since October 2015. The decline in inventories is attributed to increased U.S. exports and efforts by some key oil producers to curb supply.

In the final trading session of the week (December 22), oil prices surged to their highest level since 2015, following commitments from oil producers to support the price of "black gold." At the close of trading, Brent crude rose 35 cents to $65.25 per barrel, its highest level since June 2015; while WTI crude increased 11 cents to $58.47 per barrel, its highest level since mid-2015. Russian Energy Minister Alexander Novak stated that the Organization of Petroleum Exporting Countries (OPEC) and Russia may extend their production cut agreement to avoid a supply surplus.

OPEC and 10 other non-OPEC oil producers agreed last month to extend their production cut agreement until the end of 2018. Kuwait's Oil Minister, Bakhit al-Rashidi, said compliance with the agreement currently stands at 122%, the highest level since the agreement came into effect.

US oil production has increased by 16% since mid-2016, reaching 9.8 million barrels per day, close to the levels of leading oil-producing countries such as Saudi Arabia (10 million barrels per day) and Russia (11 million barrels per day). This is undermining efforts by OPEC and other oil-producing nations to rebalance the market.

According to Tra My/baotintuc