Int'l oil prices surge significantly last week, hitting yearly record high

International oil prices surged significantly last week, with the weekly gain reaching a yearly record high.

Last week, the West Texas Intermediate (WTI) for November delivery rose by over 9 percent, marking the largest weekly gain since March 2023. And Brent crude for December delivery increased more than 8 percent, marking the largest weekly gain since January 2023. On Sunday, oil giant Saudi Aramco increased its main oil price for Asian buyers in response to heightened market volatility.

The company raised the official selling price of Arabian light crude oil to Asian customers by 0.90 U.S. dollars, surpassing the previous market expectation of 0.65 U.S. dollars. This adjustment means the price per barrel is now 2.2 U.S. dollars above the regional benchmark level.

Regarding future oil price trends, the market is currently concerned about the potential destruction of Iran's oil facilities. Some analysts worry that Israel may retaliate by attacking Iran's export facilities or refineries.

The future trend of oil prices is closely tied to the situation in Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), as its daily crude oil output is approximately 3.2 million barrels, accounting for 3 percent of global production. This year, Iran's oil exports have risen to their highest level in recent years, reaching about 1.7 million barrels per day.

Int'l oil prices surge significantly last week, hitting yearly record high

Int'l oil prices surge significantly last week, hitting yearly record high

Int'l oil prices surge significantly last week, hitting yearly record high

China recorded over 278 million cross-regional trips on Sunday, the sixth day of China's week-long National Day holiday, the data from the Ministry of Transport showed.

The figure was a decrease of 1 percent compared to the previous day, a 5.2-percent-increase compared to the same period in 2023, and a 24.8-percent-increase compared to the same period in 2019 before the COVID-19 outbreak.

According to the ministry, over 18.524 million trips were made by railway on Sunday, an increase of 3.6 percent from the previous day. The figure was an increase of 8.6 percent compared to the same period in 2023, and an increase of 26.6 percent compared to the same period in 2019.

The road passenger volume reached 256.7 million, a 1.2-percent-decrease from the previous day. The figure was an increase of 5.1 percent compared to the same period in 2023, and a 25.1-percent-increase compared to the same period in 2019.

Water transport saw a total of 1,182,400 trips, down 25.1 percent from the previous day. The figure was a decrease of 23.3 percent from the same period in 2023, and a decrease of 24.2 percent from the same period in 2019.

The civil aviation sector handled 2,357,300 trips, reflecting a 1.8-percent-increase from the previous day. The figure was a 9.6-percent-increase from the same period in 2023, and a 21.2-percent-growth from the same period in 2019.

China records over 278 mln cross-regional trips on sixth day of National Day holiday