Specifically, Brent oil price increased by 1.1%, to 82.86 USD/barrel, along with US WTI oil price increased by 1.3%, to 79.13 USD/barrel.
The US Energy Information Administration (EIA) said that in the week ended on March 1, US crude oil inventories increased by 1.4 million barrels, much lower than analysts' forecast increase of 2.1 million barrels.
According to the EIA, gasoline inventories have decreased by 4.5 million barrels; distillate inventories, including diesel and heating oil, have decreased by 4.1 million barrels. This decrease is much higher than the analysts' forecast of only 1.6 million barrels of gasoline and 0.7 million barrels of distillate products.
Price Futures Group analyst Phil Flynn commented that the reduction in gasoline and distillate inventories shows a tight market.
In addition, the decline in USD prices due to the declining growth rate in the US service sector also supported oil prices. A weakening US dollar will make oil cheaper for buyers holding other currencies, leading to increased demand.
Regarding the issue of interest rate increases and decreases in the US, Fed Chairman Jerome Powell said that the US Central Bank still plans to reduce the standard interest rate by the end of this year.
In the Middle East, negotiations on a ceasefire and hostage exchange between Israel and Hamas are currently at a standstill as the humanitarian crisis in Gaza deeps and a merchant ship catches fire after the Red Sea attack.
Disruptions in oil tanker transportation due to Houthi attacks in the Red Sea along with OPEC+'s extension of supply cuts until the end of the second quarter have caused supply tightening, especially in Asian markets.
In the country, this afternoon, gasoline prices will be adjusted by the Ministry of Finance - Industry and Trade.
According to experts, due to the continuous fluctuations in world oil prices in recent days, domestic oil prices are expected to decrease slightly by about 100-300 VND/liter (kg). If the joint venture's funds are stable, gasoline prices may decrease less, even moving sideways.
Domestic retail prices of petroleum on March 7 are specifically as follows: E5 RON 92 gasoline is not more than VND 22,752/liter; RON 95-III gasoline is not more than VND 23,929/liter; diesel is not more than VND 20,773/liter; kerosene is not more than VND 20,785/liter; mazut is not more than VND 15,959/kg.
