According to Reuters, in a December report, Macquarie analysts predicted that supply would continue to increase next year, causing Brent crude oil prices to average $70.50 per barrel, down from an average of $79.64 per barrel this year.
Oil prices also fell further during the session, partly because the US dollar remained hovering around a two-year high. Analysts said the greenback's shift from weak to strong caused oil prices to lose their previous gains. In addition, the US Federal Reserve (Fed) sent mixed signals regarding interest rate policy and weak economic data, making the crude oil market more gloomy ahead of the holiday season.
Macquarie analysts predict a growing supply surplus next year, which will keep Brent crude prices at an average of $70.50 a barrel, down from this year's average of $79.64.
European supply concerns were eased by reports that the Druzhba pipeline, which carries Russian and Kazakh oil to Hungary, Slovakia, the Czech Republic and Germany, had restarted after being shut down on Thursday due to a technical problem at a Russian pumping station.
“With the US dollar moving from weak to strong, oil prices have lost some of their earlier gains,” said UBS analyst Giovanni Staunovo.
Given the above developments in world oil prices, according to a representative of an oil trading enterprise, domestic oil prices will fluctuate. According to current market developments, it is forecasted that in the next price adjustment period, domestic oil prices may decrease.
In particular, the price of RON 95-III gasoline is forecasted to decrease by about 440 VND/liter; E5 gasoline by about 420 VND/liter; and Diesel oil by about 60 VND/liter.
Since the price adjustment session on January 4, 2024, gasoline prices have increased 24 times and decreased 26 times. Oil prices have increased 22 times and decreased 28 times.
At the most recent adjustment session (December 19), the Ministry of Finance - Industry and Trade increased retail gasoline prices as follows:
E5 RON 92 gasoline: VND 20,244/liter (+VND 383).
RON 95 gasoline: VND 21,004/liter (+ VND 408).
Diesel: VND 18,733/liter (+ VND 478).
Kerosene: 18,968 VND/liter (+402 VND).
Fuel oil: 15,903 VND/kg (+329 VND).
