Specifically, Brent oil price for delivery in August increased by 2.1 USD, to 109.5 USD/barrel. At the same time, US WTI crude oil was traded at 106.8 USD/barrel, up 2.8 USD.
Despite a sharp increase in the last session of the trading week, WTI oil prices recorded a second consecutive weekly decrease due to concerns that rising interest rates could push the world economy into recession. Brent oil prices remained unchanged compared to last weekend's session.
Previously, on June 23, Fed Chairman Jerome Powell emphasized the US Central Bank's "unconditional" commitment to curbing inflation. This raises concerns about the US Central Bank continuing to raise interest rates in the coming time.
A survey on June 24 in the US showed that consumer sentiment hit a record low in June even as inflation prospects improved.
Stephen Brennock of oil brokerage PVM said that concerns about recession have overwhelmed American sentiment. However, the general mentality is still for the petroleum market when demand will increase and supply will be tight in the summer months.
According to data from the International Energy Agency (IEA), the world has the capacity to filter about 100 million barrels of oil per day. However, about 20% of these are currently inactive, mostly in Latin America due to lack of investment capital.
In China, about a third of refining capacity is on hold as Asia's largest economy struggles with a "Zero-Covid" policy.
Domestic retail prices of petroleum on June 25 are specifically as follows: E5 RON 92 gasoline is not more than 31,302 VND/liter; RON 95 gasoline is not more than 32,873 VND/liter; diesel is not more than 30,019 VND/liter; kerosene is not more than 28,785 VND/liter and mazut is not more than 20,735 VND/kg.
