Specifically, Brent oil price was traded at 77.37 USD/barrel, up 0.31 USD. Meanwhile, WTI oil traded at 72.56 USD/barrel, up 0.22 USD/barrel.
The International Energy Agency (IEA) said that world oil consumption will increase by 1.1 million barrels/day in 2024, an increase of 130,000 barrels/day compared to the previous forecast.
The Organization of the Petroleum Exporting Countries (OPEC) forecasts the world oil consumption in 2024 to be 2.25 million barrels/day. This is more than double the IEA's forecast.
In addition, the oil market has developed positively after the US Federal Reserve (Fed) meeting ended on December 13 when the agency decided to keep interest rates unchanged, and signaled the possibility of interest rates being cut next year.
After the Fed, the Bank of England (BoE) and the European Central Bank (ECB) decided not to continue raising interest rates.
The move of major central banks in the world has caused the USD to fall to a 4-month low. This makes oil cheaper for buyers in other foreign currencies.
Another price increase signal for the oil market is the low number of drilling rigs. According to Baker Hughes, oil and gas drilling rigs, an early indicator of future output, have been reduced by 3 rigs to 623 rigs for the week as of December 15.
This week, Houthi ship attacks in the Red Sea in Yemen will continue to threaten oil supplies from the Middle East.
According to Paul Sullivan, a senior fellow at the Atlantic Council's Global Energy Center, if tensions continue to escalate, oil prices could rise.
Domestic retail prices of petroleum on December 18 are specifically as follows: E5 RON 92 gasoline is not more than VND 20,512/liter; RON 95 gasoline is not more than VND 21,405/liter; diesel is not more than VND 19,010/liter; kerosene is not more than VND 19,964/liter; mazut is not more than VND 14,978/kg.
