In the trading session on August 12, WTI crude oil price decreased to 76,833 USD/barrel, equivalent to a decrease of 0.01%, Brent oil price decreased to 79,532 USD/barrel, a decrease of 0.16% compared to the previous trading session.
World petroleum prices in the first session of the week continued to record a sharp decrease compared to the previous month of 6.57% and 6.46% for WTI crude oil and Brent crude oil. Compared to the same period in 2023, WTI crude oil decreased by 5.6% and Brent oil recorded a decrease of 6.99% over the same period in 2023.
Brent crude oil price is trading around 79 USD/barrel, continuing a series of declines from last week, despite escalating tensions in the Middle East.
The US Federal Reserve could cut interest rates as early as September, analysts said. This has eased some concerns about a possible increase in demand.
On the contrary, the fear of an escalating conflict in the Middle East, if prolonged, may affect supply in the near future, causing oil prices to increase.
In the domestic market, according to forecasts of some petroleum distribution businesses, in the upcoming adjustment session (Thursday, August 15), gasoline prices may decrease slightly, in which, the price of RON 95 gasoline, gasoline E5 RON 92 is forecast to decrease by 50-100 VND/liter, diesel is forecast to decrease by about 100 VND/liter.
The above forecast price does not take into account the executive agency's appropriation or use of the Petroleum Price Stabilization Fund. If the executive agency makes an appropriation, it will likely remain the same as the previous adjustment period, but if it uses the Gasoline Price Stabilization Fund , the gas price will decrease more sharply.
Last week, the joint Ministries of Industry, Trade and Finance adjusted and reduced gasoline prices for the 5th consecutive time in the domestic market. Currently, today's domestic gasoline prices are currently trading at the following specific levels:
- Retail price of E5 RON 92 gasoline does not exceed 20,715 VND/liter
- Retail price of RON95-III gasoline does not exceed 21,673 VND/liter.
- Retail diesel price does not exceed 19,141 VND/liter
- Retail kerosene price does not exceed 19,411 VND/liter
- Fuel oil price does not exceed 16,028 VND/kg.
