World oil prices traded at the end of the week recorded a sharp increase. Of which, WTI oil traded at 71.29 USD/barrel, up 1.27 USD/barrel, equivalent to an increase of 1.81%. Brent oil traded at 74.35 USD/barrel, up 0.94 USD/barrel, equivalent to an increase of 1.28%.
Thus, after a slight decrease in the previous session, world oil prices closed the weekend trading session with a strong increase, with both Brent and WTI crude oil increasing by over 1%, reaching the highest level in the past 3 weeks.
According to analysts, the acceleration in oil prices is due to expectations of tighter sanctions on Russia and Iran, China's economic orientation, the chaotic political situation in the Middle East and the prospect of the US Federal Reserve (Fed) cutting interest rates next week.
Investors expect the Fed to cut interest rates at its December 17-18 meeting and continue to cut them next year after data showed a surprise rise in weekly jobless claims. Lower interest rates could boost economic growth and oil demand.
For the domestic market, gasoline prices are currently linked to the world market, so gasoline businesses predict that in the upcoming adjustment session (Thursday, December 19), gasoline prices are likely to continue to increase.
Of which, the price of RON 95 gasoline is forecast to increase by VND540/liter; E5 RON 92 gasoline is forecast to increase by VND510/liter; DO oil is forecast to increase by VND490/liter. The above forecast prices are for reference only, as gasoline prices will fluctuate in the following trading sessions. In addition, the above forecast prices do not take into account the management agency's allocation or use of the Petroleum Price Stabilization Fund.
On December 15, retail gasoline prices according to the price list announced by Petrolimex in regions 1 and 2 (46 provinces and cities currently applying) are as follows:
The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance - Industry and Trade in the price management session on the afternoon of December 12. Accordingly, all gasoline and oil products decreased except for RON 95-III gasoline which increased by 33 VND/liter; E5 RON 92 gasoline price decreased by 3 VND/liter; diesel oil decreased by 127 VND/liter; kerosene decreased by 251 VND/liter, and fuel oil decreased by 551 VND/kg.
