Specifically, Brent oil price gradually decreased to 78 USD/barrel; WTI oil was far from the 74 USD/barrel mark. For the week, both Brent and WTI oil both fell more than 8%, the biggest weekly decline since 2016.
Oil prices are undergoing many changes as the market is balanced with a weaker US dollar and the US employment report is mixed. Both crude oil ended the first week of the year lower due to concerns about a global economic downturn.
experiencing the first week of 2023 in red, many analysts are still optimistic about oil prices recovering strongly during the year.
Bloomberg quoted Petro Andurand as saying that Brent oil prices could rebound when China fully reopens. Andurand has also predicted that global crude oil demand could increase by 4%, equivalent to 4 million barrels/day of oil this year.
According to S&P Global Vice President Dan Yergin, Brent oil prices could surpass $120/barrel at some point in 2023.
Reuters has also released its own survey results for 30 economists and analysts at the end of 2022 with a high consensus that the average price of Brent oil in 2023 will be 89.37 USD/barrel.
In the Market perspective report for 2023, JP Morgan said that the global economy is not at risk of falling into recession, as a sharp decline in inflation helps boost growth. JP Morgan predicts Brent oil prices will average $90/barrel in 2023.
Domestic retail prices of petroleum on January 9 are specifically as follows: E5 RON 92 gasoline is not more than VND 21,350/liter; RON 95 gasoline is not more than VND 22,150/liter; diesel is not more than VND 22,151/liter; kerosene is not more than VND 22,760/liter and mazut is not more than VND 13,633/kg.
