World oil prices today continued to decrease slightly and recorded a general decrease last week with Brent oil down 0.6%, WTI oil down 1%.
World oil prices
At 6 a.m. on June 2, Brent oil price was trading at 81.37 USD/barrel, down 0.94% (equivalent to a decrease of 0.77 USD/barrel), while WTI oil price was at 77.18 USD/barrel. , down 0.92% (equivalent to a decrease of 1.18 USD/barrel).
For the whole week, Brent oil prices decreased by 0.6%, WTI oil prices decreased by 1%.
Experts say that concerns about weak US gasoline demand and economic data could cause the US Federal Reserve (FED) to maintain higher interest rates for a longer period of time, causing oil prices to reverse. sloped about 1% in the 3rd trading session of the week.
World oil prices continue to decline today. (Illustration photo: Minh Duc).
Although US consumer confidence unexpectedly improved in May, many households are still concerned that inflation will persist.
The fact that US gasoline inventories soared by 2 million barrels (according to a report by the US Energy Information Administration) along with reports of weak US fuel demand pushed oil prices down about 2% during the trading session. Wednesday.
Investors are now looking ahead to Sunday’s OPEC+ meeting, which is expected to extend supply cuts through 2025.
In the fifth and final trading session of the week, oil prices set a new record, falling despite PCE data (up 0.3% in April) showing that US inflation in April is passing by. This further strengthens the possibility that the FED will cut interest rates in September.
So, after 2 sessions of increase and 3 sessions of decrease, last week Brent oil price decreased by 0.6%, WTI oil price decreased by 1% during the week and recorded the second consecutive week of decline.
Domestic gasoline prices
From 3:00 p.m. on May 30, E5 RON92 gasoline price decreased by 518 VND/liter, not higher than 21,759 VND/liter; RON95 gasoline price decreased by 694 VND/liter, not higher than 22,519 VND/liter.
Meanwhile, oil prices increase and decrease depending on the type. Specifically, the price of diesel oil decreased by 90 VND/liter, not higher than 19,747 VND/liter. The price of kerosene increased by 29 VND/liter, not higher than 19,931 VND/liter, and the price of mazut oil increased by 25 VND/kg, not higher than 17,538 VND/kg.
From 3:00 p.m. on May 30, E5 RON92 gasoline price decreased by 518 VND/liter, RON95 decreased by 694 VND/liter. (Photo: Minh Duc).
According to the explanation of the Ministry of Industry and Trade, domestic gasoline prices have changed as above due to the influence of factors such as: US dollar depreciation, psychological concerns about US interest rates not decreasing over time. In the long run, OPEC+ may maintain the policy of restricting crude oil supply at the meeting in early June 2024, the military conflict between Russia and Ukraine continues…
The above factors have caused world petroleum prices in recent days to increase and decrease alternately depending on each product.
During this executive period, the joint Ministries of Industry, Trade and Finance continue to not appropriate or use the gasoline price stabilization fund.
Thus, from the beginning of the year until now, the executive agency has implemented 22 periods of adjusting gasoline prices, including 9 periods of simultaneous increases, 6 periods of reductions, and 7 periods of reductions in alternating increases and decreases in gasoline prices.
PHAM DUY