Specifically, Brent oil price for delivery in August decreased by 0.4 USD, down to 109.1 USD/barrel. At the same time, US WTI crude oil was traded at 106.4 USD/barrel, down 0.4 USD.
Oil prices today decreased as member countries of the Group of Leading Industrial Developed Countries (G7) are concerned about the global economic crisis due to slowing growth, escalating inflation, shortage of raw materials, and continued disruption of supply chains...
The downward pressure on oil also comes from information about US crude oil reserves last week, which has increased sharply. Specifically, according to data from the American Petroleum Institute (API), the country's crude oil reserves have increased to 5.6 million barrels; gasoline reserves have increased by 1.2 million barrels; distillate reserves have decreased by about 1.7 million barrels last week.
Meanwhile, China - the world's second largest oil consumer market is still facing many uncertainties in economic prospects due to the prolonged "Zero-Covid" policy.
On Oilprice, analysts said that the prolonged COVID-19 blockade has negatively impacted the industrial consumption and production demand of this East Asian country. China's retail sales in May fell 6.7% year-on-year.
Domestic retail prices of petroleum on June 27 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.
