Specifically, Brent oil price is still at 83.92 USD/barrel. At the same time, US WTI oil was also at 79.56 USD/barrel.
China - the world's leading oil consumer will open its borders and completely remove COVID-19 quarantine measures from January 8, 2023. The opening of the East Asian country will open up prospects for increased demand early next year.
The cooling of inflation in the US is also information affecting oil prices. In November, the personal consumption expenditure (PCE) price index increased by only 5.5% compared to 1 year before. PCE basically increased by 4.7% compared to the previous year.
Experts predict that the Fed will continue to raise interest rates until the signs of a slowdown in the job market become clearer. This is a positive signal for the global economy.
In addition, global oil consumption demand will increase in the context of the harsh winter in many countries, which also pushes oil prices down.
Oil prices will continue to fluctuate if Russia cuts production. Last weekend, Russian Deputy Prime Minister Alexander Novak said that Russia could reduce production by 5-7% from the beginning of 2023 to cope with the ceiling of $60/barrel applied by the G7 to the country's oil exports.
Domestic retail prices of petroleum on December 27 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.
