World oil prices on July 29 are as follows: WTI crude oil is trading at 77.304 USD/barrel, equivalent to an increase of 0.19%, Brent oil price increased to 81.373 USD/barrel, up 0.3% compared to yesterday's trading session.
Although oil prices simultaneously increased in today's trading session, updated data shows that global crude oil prices decreased by 7.31% and 6.06% for WTI crude oil and Brent oil compared to June. Compared to the same period in 2023, crude oil prices have decreased by 4.96% and Brent oil decreased by 5.24%.
According to analysts, the forecast of reduced oil demand in both the Chinese and US markets, along with expectations of a ceasefire agreement in Gaza soon, caused oil prices to drop last week.
Data from the US Energy Information Administration shows that in the week ending July 19, US oil inventories decreased by 3.7 million barrels; gasoline inventories decreased by 5.6 million barrels; distillate product inventories decreased by 2.8 million barrels.
For the domestic market, in an exchange with Lao Dong, a fuel distribution business in Hanoi said that in the next adjustment session (Thursday, August 1), fuel prices are forecasted to decrease simultaneously.
Accordingly, RON95 and E5RON92 gasoline prices are forecasted to decrease by 100 VND/liter; DO oil prices are forecasted to decrease by 200 VND/liter.
The above forecasted prices do not take into account the implementation of the Petroleum Price Stabilization Fund. If the agency sets aside the fund, fuel prices are likely to remain unchanged compared to the previous adjustment period; if the fund is used, fuel prices will decrease more sharply.
Previously, from 3:00 PM on July 25, the price of E5 RON92 gasoline was adjusted down by 274 VND/liter, not exceeding 21,900 VND/liter, the price of RON95 gasoline decreased by 294 VND/liter, not exceeding 22,884 VND/liter.
The price of diesel oil decreased by 310 VND/liter, not exceeding 20,194 VND/liter, the price of kerosene decreased by 338 VND/liter, not exceeding 20,326 VND/liter, and the price of mazut oil decreased by 433 VND/kg, not exceeding 17,178 VND/kg.
