On the New York Mercantile Exchange, on the morning of September 25 (Vietnam time), WTI oil prices unexpectedly turned around and slid slightly despite a sharp drop in US gasoline and oil inventories. Meanwhile, Brent remained "anchored" at $75.17/barrel.
Oil prices rose about 2% to a three-week high at the end of trading on September 24, experts said. Oil prices fluctuated after monetary easing to boost economic growth in China, the world's top crude oil importer.
In addition, rising concerns about conflict in the Middle East could also affect supply in the region.
Speaking with Lao Dong, a representative of the Vietnam Commodity Exchange - MXV said that after the two-day policy meeting on September 18-19, the FED decided to lower the target interest rate to 4.75 - 5%, equivalent to a decrease of 50 basis points, in line with the forecast of most markets.
Thus, the FED has officially pivoted its policy after a long period of implementing a tightening policy to cool down inflation.
In addition, positive data from the US also eased concerns about a recession in the world's number 1 economy when US retail sales in August unexpectedly recorded a 0.1% increase compared to the previous month, contrary to market forecasts of a decrease, while retail sales in July were adjusted to increase slightly.
Inventory pressure and falling supply from the US have also contributed to the market's upward momentum.
For the domestic market, according to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation.
According to current market developments, it is forecasted that in the next price adjustment period (Thursday, September 26), gasoline prices may increase sharply. Of which, RON 95 gasoline is forecast to increase by VND820/liter; E5 RON 92 gasoline is forecast to increase by VND740; DO oil is forecast to increase by VND380/liter. The above forecast prices do not take into account the authorities' allocation or use of the Petroleum Price Stabilization Fund.
In the domestic market, on September 19, the Ministry of Industry and Trade - Finance adjusted gasoline prices. Compared to the previous adjustment period, the price of E5 gasoline was adjusted up 50 VND/liter, the selling price was 18,940 VND/liter. The price of RON 95 gasoline increased 130 VND/liter, the selling price was 19,760 VND/liter.
