Oil prices weaken after hitting a two-month high. Illustrative photo. (Source: CNN)

On January 31, gasoline prices weakened after reaching a two-month high.

At the end of January 31 (Vietnam time), Brent oil price was traded at 81.95 USD/barrel, down 0.92 USD, equivalent to 1.11% compared to the previous session. Meanwhile, WTI oil price was at 76.84 USD/barrel, down 0.98 USD, equivalent to 1.26% compared to the previous session.

Oil prices fell as weak economic activity in China, the world's largest crude consumer, weighed on investor sentiment. Manufacturing activity in China contracted for a fourth straight month in January.

In addition, the deepening real estate crisis in China has raised concerns about demand in the country.

A Hong Kong court has ordered the liquidation of Evergrande Real Estate Group. China's property slump raises concerns about oil demand.

In addition, weak GDP growth in the Eurozone (EU) in the fourth quarter of 2023 also pushed oil prices down. Survey data on purchasing managers' indexes showed a decline in both the EU's manufacturing and services sectors.

Currently, experts say that oil prices are trading at a standstill today, "waiting" for information from the meeting of the Organization of the Petroleum Exporting Countries and Allies (OPEC+) on production expected to take place today (February 1).

In the domestic market, retail prices of petroleum products this afternoon (February 1) will be applied according to the new price level.

According to leaders of some petroleum companies, domestic petroleum prices in today's adjustment period (February 1) are likely to increase following the trend of world petroleum prices.

If the regulatory agency does not spend the Petroleum Price Stabilization Fund, domestic gasoline prices could increase by VND920-1,080 per liter. Accordingly, the price of RON 95 gasoline could exceed VND24,000 per liter. Diesel prices could increase by VND680-770 per liter.

Specific retail prices of gasoline are as follows:

In the most recent petrol price adjustment (January 25), petrol prices were adjusted up across the board. Of which, the price of RON 95 petrol increased by over VND23,000/liter.