Specifically, Brent oil prices decreased by 0.8%, down to 89.72 USD/barrel. US WTI oil prices fell 0.8%, down to $86.67/barrel.
The rapid increase of the USD makes prices more expensive. Rising costs could reduce oil demand and cause oil prices to cool down.
Market sentiment is becoming more cautious as the timing of the US Federal Reserve's (Fed) monetary policy announcement is approaching.
Along with that, according to experts, oil demand is likely to decrease in the fourth quarter, when the summer tourist season ends. Meanwhile, US refineries are entering a maintenance phase from September to October.
Supply from Iran and Venezuela is increasing, which could compensate for reduced supply from Saudi Arabia and Russia. This is also a factor that limits the increase in oil prices.
Research firm IIR Energy expects US refineries to increase their available refining capacity by 274,000 barrels/day in the week ending September 8.
Oil prices also fluctuated in the context of the market receiving data from China showing that in August, exports decreased by 8.8% compared to the same period last year and imports decreased by 7.3%.
However, some opinions say that output cuts from the Organization of the Petroleum Exporting Countries and its allies (also known as OPEC +) will continue to support oil prices to increase.
According to Goldman Sachs Bank (USA), if both Russia and the Saudi Arabian continue to tighten supply, oil prices could reach 107 USD/barrel in December 2024, equivalent to the early stages of the Russia-Ukraine war.
Previously, Goldman Sachs forecast Brent oil prices in December this year to be 86 USD/barrel and by the end of 2024 to be 93 USD/barrel.
Domestic retail prices of petroleum on September 8 are specifically as follows: E5 RON 92 gasoline is not more than VND 23,471/liter; RON 95 gasoline is not more than VND 24,871/liter; diesel is not more than VND 22,645/liter; kerosene is not more than VND 22,814/liter; mazut is not more than VND 17,704/kg.
