World oil prices today
In the past week, world gasoline and oil prices continued to decrease. WTI crude oil decreased from 69.23 USD/barrel at the end of last week to 68.78 USD/barrel at the end of this week. Overall for the week, WTI oil prices decreased by 0.45 USD/barrel, equivalent to about 0.65% compared to the end of last week.
Brent oil fell from 72.60 USD/barrel at the end of last week to 72.12 USD/barrel at the end of this week. Over the past week, Brent oil prices fell 0.48 USD/barrel, equivalent to about 0.66% compared to the end of last week.
According to analysts, world oil prices continued to fall last week as investors expect negotiations between the US and Iran to achieve positive results, contributing to cooling tensions in the Middle East and reducing the risk of supply disruptions.
However, experts note that the flow of ships through the Strait of Hormuz is still significantly lower than normal. This shows that geopolitical risks have not been completely eliminated and are still a factor supporting oil prices.
Closing the last trading session of the second quarter, oil prices recorded the strongest monthly and quarterly decrease since the Covid-19 pandemic broke out. According to analysts, although the market still partially assesses geopolitical risks, the increasing number of oil tankers leaving the Persian Gulf region has helped free up previously stranded ships, thereby temporarily improving supply.
In that context, Morgan Stanley bank forecasts that the global oil market will have a surplus of about 4.8 million barrels/day by 2027.
Experts also believe that the OPEC+ alliance is likely to continue to raise production targets at the meeting on July 5. If approved, this decision will add more supply to the market in the context of weakening oil prices and transportation through the Strait of Hormuz gradually returning to normal.
In the opposite direction, the US Energy Information Administration (EIA) said that US crude oil inventories last week fell to their lowest level since 2018 due to increased demand from oil refineries. The country's gasoline inventories also recorded a decrease.
Meanwhile, Morgan Stanley bank forecasts that the global oil market will have a surplus of about 4.8 million barrels/day by 2027.
UBS Bank also lowered its Brent oil price forecast due to the increasing volume of oil transported through the Strait of Hormuz. Specifically, UBS lowered its Brent oil price forecast for the third quarter to 80 USD/barrel, 25 USD lower than the previous forecast; the forecast for the fourth quarter was also lowered by 10 USD to 80 USD/barrel. At the same time, this bank lowered its Brent oil price forecast for 2027 to 75 USD/barrel, 10 USD lower than the previous forecast.
Domestic gasoline prices today
On July 5th, 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 inter-ministry of Industry and Trade - Finance's management period from 4:00 PM on July 2nd. 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.
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 600 VND/liter;
- E5 RON 92 - II gasoline reduced by about 600 VND/liter;
- Diesel oil increased by about 700 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.
