Gasoline and oil prices today, August 11th, rose, supported by continued declines in US oil inventories, increased conflict risks in the Middle East, a falling USD index, and some economic data from the US and China.
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| Today's gasoline and oil prices (August 11th) rose, supported by continued declines in US oil inventories, increased conflict risks in the Middle East, a weaker US dollar index, and some economic data from the US and China. (Photo: Ngoc Ha) |
Oil prices fell by about 50 cents in the volatile first trading session of the week as the sell-off continued in global stock markets.
However, as investors' attention shifted to supply shortages and financial markets recovered from recent declines, oil prices turned around and edged up slightly by less than 30 cents in the second trading session of the week. Prices were also supported by a decline in crude oil and fuel inventories at major trading centers.
According to estimates from the U.S. Energy Information Agency (EIA), global oil inventories have decreased by approximately 400,000 barrels per day in the first half of this year and are expected to decrease by about 800,000 barrels per day in the second half. The agency forecasts that the spot price of Brent crude will range from $85 to $90 per barrel by the end of the year.
US oil inventories fell for the sixth consecutive week, more than five times higher than analysts' expectations, helping oil prices rise by over 2% in third trading of the week. According to the EIA, US oil inventories decreased by 3.7 million barrels in the week ending August 2nd.
Oil prices recorded a hat-trick of gains for the fourth consecutive trading session after US jobs data eased concerns about demand and the risk of escalating conflict in the Middle East.
According to the U.S. Department of Labor, in the week ending August 3, initial jobless claims fell by 17,000 to a seasonally adjusted 233,000, the largest drop in about 11 months.
UBS analyst Giovanni Staunovo commented that the latest US data on jobless claims shows the US economy is still growing, easing some concerns about oil demand.
The upward trend in oil prices was further reinforced in the final trading session of the week. During this session, oil prices rose slightly, by less than 1%. Brent crude ended the week at $79.66 per barrel, while WTI crude closed at $76.84 per barrel.
With four sessions of gains and one session of slight decline, oil prices this week recorded their first weekly increase in five weeks.
The retail prices of gasoline and diesel in Vietnam on August 11th 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-118-xung-dot-trung-dong-kinh-te-the-gioi-keo-gia-dau-tang-toc-282168.html
