Specifically, Brent oil price decreased to 82.58 USD/barrel, down 0.17 USD. US WTI oil price traded at 79.26 USD/barrel, down 0.17 USD, equivalent to 0.22%.
Oil prices increased after Chinese leaders signaled increased support for the real estate sector, and pledged to boost consumption.
In addition, Russia's cut in oil exports of 500,000 barrels/day in August and Saudi Arabia's extension of voluntary production cuts of 1 million barrels/day until August have also caused oil prices to increase.
However, some economic data from Europe and the US has had a negative impact on oil prices.
The results of the survey on business activities in July in the eurozone showed that demand in the service sector here decreased more than expected, while the output of factories also decreased.
The European Central Bank (ECB)'s prolonged interest rate hike campaign is starting to hurt consumers. The General Purchasing Management Index (PMI) has fallen to 48.9.
Meanwhile, in the US, the PMI fell from 53.2 in June to 52 in July. This is the lowest PMI in 5 months due to slowing growth in the service sector.
Traders are currently watching the Federal Reserve's 2-day policy meeting on July 25-26. Many investors are betting on the possibility of the Fed raising interest rates by another 0.25 points.
In addition, data from the American Petroleum Institute (API) shows that US crude and distillate reserves increased last week, while decreased gasoline reserves also affected oil prices.
Specifically, crude oil reserves increased by about 1.32 million barrels in the week ended July 21. Gasoline inventories decreased by 1.043 million barrels, while distillate inventories increased by 1.614 million barrels.
Domestic retail prices of petroleum on July 26 are specifically as follows: E5 RON 92 gasoline is not more than VND 21,639/liter; RON 95 gasoline is not more than VND 22,792/liter; diesel is not more than VND 19,500/liter; kerosene is not more than VND 19,189/liter; mazut is not more than VND 15,722/kg.
