Specifically, US WTI crude oil prices decreased by 1.01 USD, trading at 74.76 USD/barrel; Brent oil prices decreased by 1.04 USD, trading at 79.79 USD/barrel.
Oil prices fluctuated as the market waited for clarification on the US Federal Reserve's (Fed) interest rate hike plan after Fed Chairman Jerome Powell avoided commenting on monetary policy and the economy at a thematic conference.
Previously, on January 9, two officials from the US Federal Reserve said they expected the Fed's policy interest rate - currently at 4.25% to 4.5%, to increase gradually to 5.0 - 5.25% to control higher inflation rates.
Traders are now waiting for US CPI data, due on January 12, to recognize signs of a short-term outlook.
Tamas Varga of oil broker PVM acknowledged that CPI data could clarify the direction of the financial and oil markets in the coming weeks. In particular, the USD will fall if inflation is lower than expected or lower than November levels.
China also issued a second crude oil import quota for 2023, raising the total quota for this year by 20% compared to last year.
However, analysts say that China's oil demand recovery could only provide limited support for oil prices under downward pressure from the global economy.
In the country, this afternoon, the Ministry of Finance - Industry and Trade will adjust gasoline prices according to the cycle. It is expected that prices will decrease slightly by about 100 - 300 VND/liter (kg).
Since the beginning of the year, gasoline prices have been adjusted twice and both times have increased.
Domestic retail prices of petroleum on January 11 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.
