On September 9, oil prices turned green again at the beginning of the session (Vietnam time), increasing by nearly 1 USD after falling more than 10% last week. Accordingly, WTI oil price traded at 68.5 USD/barrel, Brent oil price traded at 71.9 USD/barrel.
Although WTI and Brent oil prices both increased in the first trading session this week, however, if we consider the whole week, Brent oil prices decreased by about 10%, WTI oil decreased by about 8%.
Commenting on the decline in oil prices, Bob Yawger, managing director of energy futures at Mizuho, said that in addition to the US employment factor, concerns about Chinese demand are also putting pressure on oil prices.
Oil prices fell sharply despite a previously reported drop in US crude inventories; the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is trying to delay a planned production increase.
In the domestic market, according to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation.
According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices may decrease sharply. Of which, gasoline prices may decrease by 900 - 1,000 VND/liter; diesel prices may decrease by about 600 VND/liter. The above forecast prices do not take into account the management agency's allocation or use of the Petroleum Price Stabilization Fund.
Domestically, on the morning of September 9, announcements from a number of petroleum wholesale businesses and distributors showed that the discount for agents for gasoline is about 1,600 VND/liter, diesel 2,000 VND/liter, taking goods at Nha Be warehouse (HCMC). Taking goods at warehouses in the northern region, the discount ranges from 1,550 - 1,900 VND/liter.
Currently, gasoline prices are being applied in the price adjustment period on the afternoon of September 5. Accordingly, the price of E5 RON 92 gasoline decreased by VND353/liter, not higher than VND19,979/liter; RON95-III gasoline decreased by VND282/liter, not higher than VND20,827/liter.
Similarly, diesel oil decreased by 385 VND/liter, not higher than 18,092 VND/liter; kerosene decreased by 341 VND/liter, not higher than 18,724 VND/liter; mazut oil 180CST 3.5S decreased by 407 VND/kg, not higher than 15,155 VND/kg.
Thus, since the beginning of the year, domestic gasoline prices have increased 17 times and decreased 18 times. Meanwhile, oil prices have increased 15 times and decreased 20 times.
