Gasoline prices go up. Photo: ThoughtCo
On the trading session of June 13, gasoline prices cooled at the beginning of the session and then increased slightly.
According to data from Oilprice, at 8:46 a.m. on June 13 (Vietnam time), Brent oil price was listed at 82.22 USD/barrel, down 0.46% compared to the previous session. WTI oil price was at 78.1 USD/barrel, down 0.51% compared to the previous session.
By 8:48 p.m. on June 13 (Vietnam time), Brent oil price increased to 82.96 USD/barrel, up 0.36% compared to the previous session. WTI oil price was at 78.73 USD/barrel, up 0.29% compared to the previous session.
Oil prices went down after the US Federal Reserve (Fed) announced it would keep reference interest rates unchanged for the 7th consecutive time, and is expected to only reduce interest rates once this year.
Investors predict the Fed will postpone interest rate cuts until next December. Borrowing costs that remain high over a long period of time tend to reduce economic growth and may limit oil demand.
In addition, America’s crude oil inventory and abundant fuel supply also put pressure on oil prices.
A report from the US Energy Information Administration (EIA) showed that US crude oil inventories unexpectedly increased by 3.7 million barrels, to 459.7 million barrels, contrary to the forecast of a decrease of 1 million barrels by investors. analysis.
Also according to EIA, US gasoline inventories increased by 2.6 million barrels to 233.5 million barrels, nearly 3 times higher than analysts’ forecast of an increase of 900,000 barrels.
However, world oil prices also received support from the demand outlook. The US Energy Information Administration (EIA) and the Organization of the Petroleum Exporting Countries (OPEC) recently released optimistic forecasts about global demand.
EIA has raised its forecast for world oil demand growth in 2024 to 1.1 million barrels/day, 200,000 barrels/day higher than the previous estimate.
Meanwhile, with the expectation that tourism activities will grow in the second half of this year, OPEC maintains its forecast that global oil demand will grow relatively strongly, increasing by 2.25 million barrels/day in 2024.