World oil prices today
World gasoline and oil prices continue to fluctuate significantly. At the end of the first trading session of the week, WTI and Brent oil prices both recorded a decrease of about 0.2%.
By this morning's session, both oil commodities reversed to increase slightly. At 9:14 am (Vietnam time), WTI and Brent oil prices increased by 0.90% and 0.47% respectively.
According to analysts, after a nearly month-long decline, Brent and WTI oil prices retreated to the late-February zone, the time before the conflict between the US, Israel and Iran broke out. According to the International Energy Agency (IEA), this is the biggest energy supply disruption crisis in history.
The decline in oil prices mainly stems from the fact that oil tankers that were once stranded due to conflict are gradually leaving the Persian Gulf, helping to gradually improve supply in the market.
Investors are also closely monitoring negotiations between the US and Iran on the future of maritime activities through the Strait of Hormuz, and assessing the recovery rate of oil exports of Gulf countries.
Although a 60-day ceasefire was established to facilitate diplomatic efforts after the airstrikes by the US and Israel, the indirect round of negotiations between Washington and Tehran that ended last week has not yet made significant progress.
Regarding supply, the United Arab Emirates (UAE) increased production in June to more than 3.8 million barrels/day, approaching a record level after leaving the Organization of the Petroleum Exporting Countries (OPEC), thereby no longer being bound by production quotas. Meanwhile, Saudi Arabia lowered the official selling price (OSP) of Arab Light oil delivered to Asian customers in August to below 1.5 USD/barrel compared to the average of Oman/Dubai oil.
According to analysts, these moves show that Gulf producers are signaling their willingness to compete harder for market share, increasing concerns about the risk of a oil price war.
Previously, the OPEC+ alliance agreed to increase the production quota by 188,000 barrels/day from August, after similar increases in June and July. However, most of this increase has not been realized because transportation through the Strait of Hormuz was disrupted during the conflict, causing key producing countries such as Saudi Arabia, Kuwait and Iraq to not be able to increase production as planned.
Experts believe that the fact that exporting countries continue to boost oil sales in the context of weakening prices will make the market's recovery prospects in the short term quite bleak. However, a lower price level is expected to stimulate consumption demand, thereby creating support for the market in the coming months.
Domestic gasoline prices today
July 7, 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 4:00 PM on July 2.
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 290 VND/liter;
- E5 RON 92 - II gasoline reduced by about 470 VND/liter;
- Diesel oil increased by about 570 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.
