Specifically, Brent crude oil prices increased by 2.6 USD to 105.7 USD/barrel. At the same time, US WTI oil prices also increased by 2.1 USD, trading at 102.3 USD/barrel.
However, in general this week, WTI oil prices have decreased by nearly 3.4%, Brent oil has decreased by 4.1%. In particular, in the trading session on July 5, Brent oil decreased by 10.73 USD - the third largest daily decrease of the contract since it began trading in 1988.
Stephen Innes - managing partner at SPI Asset Management said that central banks around the world are raising interest rates to curb inflation. This could put the US in a technical recession and reduce oil demand in major markets.
Similarly, on Reuters, Warren Patterson, head of ING commodity research, predicted: Economic uncertainty along with reversed bond yields show inevitable recession. This could continue to put pressure on commodity prices.
Regarding supply, Jeffrey Halley, senior market analyst at OANDA (USA) said that oil prices will be around 100 USD/barrel for a period of time because Russian oil supply is expected to decrease in the final period of the year.
Meanwhile, the remaining members of the Organization of the Petroleum Exporting Countries (OPEC) lack investment in maintaining production capacity.
In addition, investors are preparing to face disruptions in oil supplies from Kazakhstan to the Black Sea via the Caspian pip pipeline consortium (CPC) because the unit was required by a Russian court to suspend operations for 30 days.
However, according to Reuters, oil exports via CPC account for about 1% of global oil supply and are still operating normally.
Previously, on July 6, Washington (US) tightened sanctions on OPEC member Iran, putting pressure on Tehran as it sought to restore the Iran nuclear deal in 2015 and expand exports. This new move further tightens the already tight oil supply.
Domestic retail prices of petroleum on July 9 are specifically as follows: E5 RON 92 gasoline is not more than VND 30,891/liter; RON 95 gasoline is not more than VND 32,763/liter; diesel is not more than VND 29,615/liter; kerosene is not more than VND 28,353/liter and mazut is not more than VND 19,722/kg.
