World oil prices today
World gasoline and oil prices fluctuated sharply. At the end of yesterday's trading session (July 9), WTI and Brent oil prices turned down sharply, with decreases of 2% and 2.2% respectively.
By this morning's session, the two oil items fluctuated in a narrow range. At 8:11 am (Vietnam time), WTI oil price was at 72.01 USD/barrel, down 0.07 USD/barrel, equivalent to a decrease of 0.1%. WTI oil price closed the previous trading session at 72.08 USD/barrel and opened today's session at 71.37 USD/barrel.
Brent oil price was at 76.22 USD/barrel, up 0.16 USD/barrel, equivalent to an increase of 0.21%. Brent oil price ended the previous trading session at 76.06 USD/barrel and opened today's session at 76.09 USD/barrel.
World oil prices turned down sharply as investors worried that rising inflation and negative economic prospects could weaken global oil demand. This development occurred even though supply is still under pressure due to conflicts between the US and Iran, causing the process of fully restoring transportation through the Strait of Hormuz to continue to be delayed.
Tensions in the Middle East continue to escalate as Iran attacks US military infrastructure in some Gulf countries in response to Washington's airstrikes, increasing pressure on the three-week ceasefire agreement between the two countries.
According to sea transport data, oil traffic from the Persian Gulf once recovered to more than 80% compared to the time before the conflict broke out, just 10 days after the Hormuz Strait reopened. However, after recent attacks on oil tankers, this rate has decreased to more than 70%.
In the US, the number of initial jobless claims decreased last week, showing that the labor market still maintains stability. Meanwhile, the minutes of the June meeting of the US Federal Reserve (Fed) showed that policymakers are still concerned about increased inflationary pressure, despite expectations that the labor market will continue to be solid in the short term.
In China - the world's second largest economy, producer price inflation in June rose to its highest level in four years. This development continues to put pressure on business profits amid weakening domestic demand.
Domestic gasoline prices today
On July 10, retail gasoline and oil prices according to the price list announced by Petrolimex in region 1 and region 2 are as follows:
The above domestic retail gasoline and oil prices are adjusted by Petrolimex according to the inter-ministry of Industry and Trade - Finance's management period from 3:00 PM on July 9.
Domestic gasoline and oil price forecast for the next period
According to a representative of a gasoline and oil business, it is predicted that in the next price adjustment period, retail gasoline and oil prices may have opposite adjustments.
In which:
- E10 gasoline decreased by about 0-50 VND/liter.
- E5 RON 92 - II gasoline reduced by about 0-50 VND/liter;
- Diesel oil increased by about 1,600 VND/liter.
Today's gasoline and oil prices are for reference only and may change according to market developments.
Refer to more articles about gasoline and oil prices HERE.
