WTI oil price was at 81.00 USD/barrel, up 0.22 USD, equivalent to 0.27%. Similarly, Brent oil price was at 85.34 USD/barrel, up 0.08 USD, equivalent to 0.09%.
Last week, oil prices rebounded with Brent rising 4%, and US WTI rising 3.9%.
The rise in oil prices was supported by many factors, including reduced US oil inventories, the International Energy Agency (IEA) raising its forecast for global oil demand, drone attacks on Russian energy facilities and the prolonged voluntary production cuts by OPEC+ members.
According to Mr. Dennis Kissler, Senior Vice President in charge of transactions at BOK Financial, demand remains high, while supply is increasingly tight, especially in terms of fuel. Refinery profits are also very strong and this is a positive signal for crude oil demand.
Bob Yawger, an expert at Mizuho Bank, said that the growing oil refining activity is likely to cause a shortage of oil for the first time this year, thereby helping to limit any decline in oil prices.
This week, many major central banks in the world will announce the latest monetary policy decision. In addition, data such as UK inflation, German manufacturing PMI, and PMI in the eurozone will also affect oil prices.
The focus of the market will be the developments of the US Central Bank's Federal Open Market Committee (FOMC) meeting to provide the most updated information on monetary policy and have a clearer view of the possibility of the Fed cutting interest rates during the year.
Domestic retail prices of petroleum on March 18 are specifically as follows: E5 RON 92 gasoline is not more than VND 22,490/liter; RON 95-III gasoline is not more than VND 23,543/liter; diesel is not more than VND 20,549/liter; kerosene is not more than VND 20,706/liter; mazut is not more than VND 16,432/kg.
