World oil prices today
World gasoline and oil prices turned down. At the end of yesterday's trading session (July 16), Brent oil price decreased by 0.72 USD/barrel, equivalent to 0.9%, to 84.23 USD/barrel; WTI oil price decreased by 0.65 USD/barrel, equivalent to 0.8%, to 78.95 USD/barrel.
After rising to its highest level in more than a month, oil prices are under profit-taking pressure. The decline mainly reflects investors' selling activity after Brent and WTI oil both hit peaks since mid-June.
Previously, concerns about the risk of supply disruption in the Middle East boosted buying power in the market, causing oil prices to increase continuously in the first sessions of the week. Many investors who maintained short selling positions before tensions escalated were forced to buy off to cut losses when oil prices rose sharply, thereby contributing to pushing prices to the highest level in many weeks.
Conflict developments in the Middle East continue to be one of the factors dominating the market. The risk of disruption of energy transportation through the Strait of Hormuz increases concerns about a supply shock, because this shipping route carries about 20% of globally traded oil and natural gas (LNG) volume.
According to sea transport data, an average of about 7.4 million barrels of oil per day was transported through the Bab el-Mandeb Strait in June, equivalent to about 7% of global oil production and a sharp increase compared to 4.2 million barrels per day in the same period last year.
The risk of simultaneous disruption on two strategic transport routes, Hormuz and Bab el-Mandeb, also raises concerns about the shortage of oil tankers, rising maritime insurance costs and freight rates. These factors may continue to put pressure on oil prices in the near future.
In the opposite direction, supply recorded positive signals as crude oil shipments from Iraq increased sharply. Kpler data shows that crude oil exports from this country averaged about 1.2 million barrels/day in the first half of July, more than double compared to the previous period, when export activities were accelerated after months of transportation restrictions.
Domestic gasoline prices today
On July 17, 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 17.
Gasoline and oil discount today
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ E10 gasoline: 350 VND/liter.
+ Diesel oil 0.05S-II: 0 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 increase.
In which:
- E10 gasoline increases by about 500-800 VND/liter
- E5 RON 92 - II gasoline increased by about 700-1,000 VND/liter;
- Diesel oil increased by about 800-1,000 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.
