Today, August 15, world oil prices fell more than 1% after US oil inventories unexpectedly increased, and domestic prices are expected to increase again. (Photo: Ngoc Ha)

Brent crude fell 93 cents, or 1.15 percent, to $79.76 a barrel. WTI crude fell $1.37, or 1.8 percent, to $76.98 a barrel.

Data from the US Energy Information Administration showed that US crude inventories rose by 1.4 million barrels, compared with analysts' estimates for a 2.2 million-barrel drop and against the American Petroleum Institute's earlier estimate of a 5.21 million-barrel drop. This was the first increase after six consecutive weeks of declines.

The drawdown in inventories over the past six weeks was impressive, but it’s in the past, and breaking that streak would put pressure on prices, said Robert Yawger, director of energy futures at Mizuho in New York. While crude inventories rose, gasoline and distillate inventories fell more than expected, by 2.9 million barrels and 1.7 million barrels, respectively.

Last week, oil prices hit a seven-month low of $76.3 a barrel before rebounding to $82.3 earlier this week and regaining downward momentum in the past two trading sessions.

On the demand side, the International Energy Agency has cut its global oil demand growth forecast for 2025 while OPEC has cut its demand forecast for this year.

Data from the US showed on August 14 that the US consumer price index (PCI) increased moderately in July and the annual inflation rate slowed to below 3% for the first time since early 2021, reinforcing expectations that the US Federal Reserve (Fed) will cut interest rates next month.

UK consumer price inflation rose less than expected in July, also fuelling expectations of an interest rate cut.

Meanwhile, Libya's Waha oil company's output has dropped by 115,000 barrels per day due to maintenance on the pipeline pumping oil from the Waha field to the Es Sider port.

Domestic retail prices of gasoline on August 15 are as follows:

The above domestic retail price of gasoline will be adjusted by the Ministry of Finance - Industry and Trade at the price management session this afternoon.

The leader of a key petroleum distribution enterprise in the South said that after the previous adjustment period, crude oil prices have turned to increase.

On August 13, the price of imported gasoline in the Singapore market returned to 91.98 USD/barrel for RON 95 gasoline and 87.5 USD/barrel for RON 92 gasoline. Therefore, it is likely that domestic gasoline prices may increase during this adjustment period.

Specifically, gasoline prices are expected to increase by about 300-400 VND/liter, while diesel prices may increase by about 200-300 VND/liter. In case the Ministry of Industry and Trade and the Ministry of Finance draw from the Price Stabilization Fund, gasoline prices may increase slightly.

Similarly, the owner of a petroleum distribution company in the North also predicted that gasoline prices will increase in today's operating period. The discount on gasoline on August 14 at many warehouses is around 850-1,050 VND/liter.