World oil prices today
World gasoline and oil prices continue to fluctuate significantly. At the end of the weekend trading session, WTI oil price was at 71.41 USD/barrel, down 0.67 USD/barrel, equivalent to a decrease of 0.93%. WTI oil price closed the previous trading session at 72.08 USD/barrel and opened the weekend session at 71.37 USD/barrel.
Brent oil price was at 76.01 USD/barrel, down 0.29 USD/barrel, equivalent to a decrease of 0.38%. Brent oil price ended the previous trading session at 76.30 USD/barrel and opened the weekend session at 76.15 USD/barrel.
World oil prices simultaneously fell in the last trading session of the week as tensions between the US and Iran showed signs of cooling down, increasing expectations that transportation through the Strait of Hormuz will soon return to normal.
After the airstrikes in response between the two sides temporarily subsided and the US and Iran are expected to resume negotiations next week, concerns about the risk of disruption of oil supply have somewhat eased.
Mr. Phil Flynn - an expert at Price Futures Group - said that the drop in oil prices despite the Hormuz Strait once again facing the risk of being blockaded shows that the market believes that the US will not let this strategic shipping route be disrupted for a long time.
However, the International Energy Agency (IEA) warned that the recent escalating tensions between the US and Iran could change previous forecasts about a significant oversupply in the global oil market next year.
Meanwhile, Mr. Giovanni Staunovo - UBS analyst - said that the US not conducting more airstrikes against Iran at night has created pressure to push oil prices down. However, the volume of transportation through the Strait of Hormuz is still low, limiting the decline in oil prices.
Ship tracking data shows that liquefied natural gas (LNG) tankers have begun to resume their journey through the Strait of Hormuz in recent days. However, the total daily traffic volume is still significantly lower than normal.
In another development, the IEA has lowered its oil production forecast for Russia due to Ukraine's attacks on the country's energy infrastructure. According to some sources, Russia's gasoline production is currently only equivalent to about 65% of the average seasonal consumption, after many large oil refineries had to stop operating due to Ukrainian drone attacks.
Domestic gasoline prices today
On July 11, 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.
Gasoline and oil discount today
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ E10 gasoline: 500 VND/liter.
+ Diesel oil 0.05S-II: 100 VND/liter.
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 reduced 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.
