Oil prices today, August 12th, show no signs of abating in the Gaza Strip, raising concerns about supply and supporting oil prices to extend last week's gains into the first trading session of this week.
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| Oil prices today, August 12th, are being supported by ongoing tensions in the Gaza Strip, raising concerns about supply and extending last week's gains into this week's first trading session. (Source: Oilprice) |
Last week, oil prices officially recorded their first weekly gain in five weeks, ending a four-week losing streak. In five trading sessions, oil prices fell in one session and rose in four consecutive sessions. Despite a more than 3.5% increase for the week, Brent crude has yet to regain the $80/barrel mark. Meanwhile, WTI crude rose more than 4% to $76.84/barrel.
Oil prices have staged a comeback driven by several factors, including a continued decline in US oil inventories, increased risk of conflict in the Middle East, and a weakening US dollar index.
Last week, data from the U.S. Energy Information Agency (EIA) showed that U.S. oil inventories fell for the sixth consecutive week (down 3.7 million barrels). The agency also estimated that global oil inventories decreased by approximately 400,000 barrels per day in the first half of this year and will decrease by approximately 800,000 barrels per day in the second half.
Notably, the decline in US jobless claims further strengthens the likelihood that the Federal Reserve (Fed) will cut interest rates in September.
Also supporting the surge in oil prices was the announcement of gradual production cuts at Libya's Sharara oil field by the national oil company due to protests. Oil prices also rose after data from China's National Bureau of Statistics showed that China's consumer price index in July increased 0.5% year-on-year.
This week, economic data that could impact oil price movements includes the US Producer Price Index (PPI), the US Consumer Price Index (CPI) for July, and especially the results of the University of Michigan's August survey on US consumer sentiment.
The retail prices of gasoline and diesel in Vietnam on August 12th are as follows:
E5 RON 92 gasoline should not exceed 20,715 VND/liter. RON 95-III gasoline should not exceed 21,673 VND/liter. Diesel fuel prices should not exceed 19,141 VND/liter. Kerosene price should not exceed 19,411 VND/liter. Fuel oil price should not exceed 16,028 VND/kg. |
The aforementioned domestic retail gasoline and diesel prices were adjusted by the Ministry of Finance and the Ministry of Industry and Trade at the price adjustment meeting on the afternoon of August 8th.
Due to the sharp drop in global oil prices, domestic fuel prices have also fallen significantly, marking the fifth consecutive price reduction.
RON 95-III gasoline saw the biggest price reduction, at 930 VND/liter, followed by E5 RON 92 gasoline at 901 VND/liter. Mazut oil decreased by 858 VND/kg, diesel by 737 VND/liter, and kerosene by 684 VND/liter.
Source: https://baoquocte.vn/gia-xang-dau-hom-nay-128-keo-dai-da-leo-doc-282278.html
