World oil prices today
World gasoline and oil prices continue to fluctuate significantly. At the end of yesterday's trading session (July 2), WTI and Brent oil prices increased by 0.16 and 0.32% respectively.
By this morning's session, both oil commodities turned down. At 7:49 am (Vietnam time), WTI oil price was at 68.42 USD/barrel, down 0.27 USD/barrel, equivalent to a decrease of 0.39%. WTI oil price closed the previous trading session at 68.69 USD/barrel and opened today's session at 68.45 USD/barrel.
Brent oil price was at 71.54 USD/barrel, down 0.04 USD/barrel, equivalent to a decrease of 0.06%. Brent oil price ended the previous trading session at 71.58 USD/barrel and opened today's session also at 71.57 USD/barrel.
During the session, Brent and WTI oil prices at one point fell to their lowest level since the conflict between the US and Israel with Iran broke out at the end of February.
Notably, oil prices recorded the strongest monthly and quarterly decreases since the COVID-19 pandemic broke out in early 2020. For the whole month, Brent oil prices fell by about 21% in June after falling by about 19% in May. This is the largest monthly decrease for this oil since the record drop of 55% in March 2020 due to reduced demand during the COVID-19 pandemic.
This development takes place in the context of Qatar - a mediating country - saying that the US and Iran have made some progress in negotiations towards a long-term peace agreement, thereby contributing to reducing concerns about the risk of disruption of oil transportation through the Strait of Hormuz.
According to experts, the oil flow through the Strait of Hormuz is still maintained. In addition, oil from strategic reserves continues to be released to the market, while China's import demand and global oil consumption have not really recovered. In that context, the current price drop may only be temporary before the market enters a new upward cycle.
Sea transport data also shows that at least 5 Saudi Arabian super oil tankers, with a total volume of about 10 million barrels, have left Ras Tanura port and passed through the Strait of Hormuz, showing that oil exports are still taking place normally.
Analysts believe that the current crude oil supply is quite abundant, helping refineries easily ensure input materials. However, the consumption of refined oil products still faces many difficulties because demand has not recovered commensurately. The market is also assessing the prospects related to Iran in a more positive direction. Although there are still potential unexpected developments, the overall oil supply prospects are assessed as quite optimistic.
Domestic gasoline prices today
On July 3rd, 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 were adjusted by Petrolimex according to the gasoline and oil price management period of the inter-Ministry of Industry and Trade - Finance from 4:00 PM on July 2. Accordingly, gasoline and oil prices simultaneously decreased.
Gasoline and oil discount today
- Tu Luc Petroleum Joint Stock Company 1:
+ Diesel oil 0.05S - II: 0 VND/liter;
+ Diesel oil 0.001S-V: 0 VND/liter.
+ E10 RON 95-III gasoline: 50 VND/liter
+ E5 RON 92 - II gasoline: 0 VND/liter
- MIPEC Petroleum Trading and Trading Co., Ltd. - MIPEC Petro (applied to the Northern region):
+ E10 gasoline: 400 VND/liter.
+ Diesel oil 0.05S-II: 100 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.
