Specifically, Brent crude oil prices increased by 0.7%, to 92.44 USD/barrel. Similarly, US WTI oil prices increased by 0.8%, to 90.39 USD/barrel.
Oil prices increased today due to concerns that supply will continue to tighten in the coming time.
Data from the American Petroleum Institute (API) shows that US crude oil inventories last week increased by about 1.6 million barrels, far exceeding the reduction of 300,000 barrels predicted by analysts. US gasoline inventories also fell by 70,000 barrels; distillate inventories fell by 1.698 million barrels, according to APIs.
Investors' concerns about tight supply at Cushing storage facility, Oklahoma also boosted prices in the session, said Phil Flynn, an analyst at Price Futures Group.
Crude oil reserves in Cushing are at a 14-month low due to strong refining and export demand, raising concerns about the quality of the remaining oil and the possibility of falling below the minimum operating level.
Recently, Russia has also approved changes to the ban on fuel exports, lifting restrictions on fuels used for some ships and diesel with high sulfur content.
Notably, Russian crude oil supplies have increased by 50% this spring despite previous sanctions imposed by the G7 countries.
Some analysts believe that current oil prices are far above the price cap imposed by the European Union (EU), the G7 countries and Australia on Russian oil at $60/barrel at the end of last year.
Andy Lipow, president of Lipow Oil Associates LLC, said refined products are still under pressure due to concerns that higher oil prices combined with long-term interest rate increases could reduce demand.
Reuters said that the world's leading central banks, the US Federal Reserve (Fed) and the European Central Bank (ECB) have recently reiterated their anti-inflation pledges, signaling that monetary tightening policies could last longer.
The strong increase in the USD has limited the increase in oil prices. The US Dollar Index (DXY) - measuring the fluctuations of the US dollar against 6 major currencies, has surpassed 106 points, the highest level since November 2022.
A stronger US dollar makes oil more expensive for holders of other currencies and reduces fuel demand.
Domestic retail prices of petroleum on September 27 are specifically as follows: E5 RON 92 gasoline is not more than VND 24,197/liter; RON 95 gasoline is not more than VND 25,748/liter; diesel is not more than VND 23,594/liter; kerosene is not more than VND 23,816/liter; mazut is not more than VND 17,847/kg.
