Specifically, Brent oil price increased by 2.94 USD, equivalent to 3.6%, to 83.92 USD/barrel. At the same time, US WTI oil increased by 2.07 USD, equivalent to 2.7%, to 79.63 USD/barrel.
Thus, both types of oil recorded their largest weekly gains since October.
On December 23, Russian Deputy Prime Minister Alexander Novak said that the country could cut oil production by 5 - 7% early next year to cope with the price ceiling imposed by the G7 countries on their oil exports.
Some Russian media outlets believe that Russia could reduce production by 500,000 - 700,000 barrels/day.
Reuters quoted traders as predicting that Russian oil exports could fall 20% in December compared to last month after the European Union (EU) and the G7 imposed price ceilings on Russian crude oil from December 5.
According to experts, demand and crude oil production may decline in the next few days as some major US refineries were forced to stop operations due to a major winter storm making landfall across the US.
Swiss bank UBS expects oil prices to rise back to more than $100 a barrel next year as Russia cuts production amid China's easing of COVID-19 pandemic restrictions, strengthening demand prospects in the East Asian country, said Giovanni Staunovo.
Domestic retail prices of petroleum on December 24 are specifically as follows: E5 RON 92 gasoline is not more than VND199,975/liter; RON 95 gasoline is not more than VND20,000/liter; diesel is not more than VND21,601/liter; kerosene is not more than VND21,836/liter and mazut is not more than VND12,863/kg.
