Today's oil prices, August 2, Brent and WTI oil prices have slightly increased. Domestically, oil prices continue to be adjusted down following the world. (Photo: Ngoc Ha)

According to Dailyfx , Brent and WTI oil prices have turned slightly higher. Earlier, at the end of the trading session on August 1, oil prices fell more than 1 USD as global supply seemed to be largely unaffected by concerns about widespread conflict in the Middle East following the death of the political leader of Hamas in Iran and as investors focused on concerns about demand.

Brent crude fell $1.32, or 1.6 percent, to $79.52 a barrel. WTI crude fell $1.60, or 2.1 percent, to $76.31 a barrel.

In the previous session, both Brent and WTI rose about 4% on concerns about a broader conflict in the Middle East following the assassination of Hamas political leader Ismail Haniyeh in Tehran, Iran, shortly after the death of Hezbollah's top military commander in Beirut, Lebanon.

Dennis Kissler, senior vice president of trading at BOK Financial, said there is a growing realization that there has not been any real supply disruption. The market is shifting its focus from geopolitical issues to looking at global crude demand.

However, analysts said investors are closely watching for any disruptions, particularly to oil shipping routes. Iran-aligned Houthi forces have attacked ships passing through the Red Sea, forcing tankers to take longer alternative routes.

Meanwhile, a meeting of top OPEC+ ministers ended with oil production policy remaining unchanged, including plans to begin lifting a production cut from October.

Under OPEC+ policy, some members are encouraged to phase out the 2.2 million barrels per day cut from October this year to September next year. The group also agreed to extend the previous 3.66 million barrels per day cut until the end of 2025.

Limiting the session's decline was a 3.4 million barrel drop in US crude inventories last week.

On August 1, the Bank of England cut interest rates by 25 basis points from 5.25% - a 16-year high - to 5. This is the bank's first rate cut since the Covid-19 outbreak in March 2020.

Previously, on July 31, US Federal Reserve Chairman Jerome Powell said US interest rates could be cut as early as September.

Domestic retail prices of gasoline on August 2 are as follows:

The above domestic retail price of gasoline and oil was adjusted by the Ministry of Finance - Industry and Trade at the price management session on the afternoon of August 1.

Diesel oil price decreased the most, 316 VND/liter. Mazut oil price decreased 292 VND/kg, E5 RON 92 gasoline decreased 284 VND/liter, RON 95-III gasoline decreased 281 VND/liter. Kerosene decreased the least, 231 VND/liter.

This is the fourth consecutive reduction in domestic gasoline prices.