World oil prices increased sharply in today's trading session, September 24 (Vietnam time). At 9:30 a.m., WTI crude oil was at 70.81 USD/barrel, up 0.44 USD/barrel, or 0.63%. Brent oil was at 73.61 USD/barrel, up 0.40 USD/barrel, or 0.55%.
Regarding the reason for the increase in oil prices, in an interview with Lao Dong, a representative of the Vietnam Commodity Exchange - MXV said that after the two-day policy meeting on September 18-19, the FED decided to lower the target interest rate to 4.75 - 5%, equivalent to a decrease of 50 basis points, in line with the forecast of most markets.
Thus, the FED has officially pivoted its policy after a long period of implementing a tightening policy to cool down inflation.
In addition, positive data from the US also eased concerns about a recession in the world's number 1 economy when US retail sales in August unexpectedly recorded a 0.1% increase compared to the previous month, contrary to market forecasts of a decrease, while retail sales in July were adjusted to increase slightly.
Inventory pressure and falling supply from the US have also contributed to the market's upward momentum.
The US Energy Information Administration (EIA) said that US commercial crude oil inventories fell by 1.63 million barrels in the week ending September 13, contrary to the increase of nearly 2 million barrels announced by the American Petroleum Institute (API). US crude oil production in the same period also fell by 100,000 barrels/day as production in the Gulf of Mexico region was affected by the storm.
For 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 (Thursday, September 26), gasoline prices may increase sharply. Of which, RON 95 gasoline is forecast to increase by VND820/liter; E5 RON 92 gasoline is forecast to increase by VND740; DO oil is forecast to increase by VND380/liter. The above forecast prices do not take into account the authorities' allocation or use of the Petroleum Price Stabilization Fund.
In the domestic market, on September 19, the Ministry of Industry and Trade - Finance adjusted gasoline prices. Compared to the previous adjustment period, the price of E5 gasoline was adjusted up 50 VND/liter, the selling price was 18,940 VND/liter. The price of RON 95 gasoline increased 130 VND/liter, the selling price was 19,760 VND/liter.
