Specifically, Brent oil price increased by 1.28 USD, equivalent to 1.6%, to 79.24 USD/barrel. US WTI oil prices increased by 1.3%, to 73.44 USD/barrel.
Concerns about interrupted oil supply as the Houthi rebel group in Yemen intensified attacks on ships in the Red Sea are still the main factor influencing oil prices.
The US has announced the establishment of a special forces to protect trade in the Red Sea from attacks by Iran-backed Houthi forces.
The Houthi forces have said they will defy the US-led naval mission and continue to attack Israeli targets in the region.
Previously, on December 18, a Norwegian-owned ship was attacked in the Red Sea. After that, BP Oil Group (UK) and the company specializing in Frontline (Na Uy) said that they would stop or avoid transportation through this sea area.
According to estimates, about 12% of the world's shipping volume passes through the Suez Canal, connecting the Red Sea with the Mediterranean Sea. It is the shortest transport route between Europe and Asia.
However, analysts from Goldman Sachs Bank (USA) said that the disruption of fuel transportation activities in the Red Sea is unlikely to have a major impact on crude oil and liquefied natural gas prices.
Along with that, oil prices are also supported by low exports from Russia. Russia has announced that it will cut oil exports by at least 50,000 barrels per day or more in December, as the world's largest oil exporters are trying to support global oil prices.
A report from the American Petroleum Institute shows that as of December 15, US crude oil and fuel inventories have increased.
Specifically, US crude oil inventories increased by 939,000 barrels after falling by 2.349 million barrels in the previous week.
This increase is in contrast to analysts' prediction of a decrease of 2.233 million barrels.
Domestically, tomorrow afternoon, retail prices of gasoline and oil will be adjusted at the price management session of the Ministry of Finance - Industry and Trade.
According to experts, oil prices will increase from 200-500 VND/liter (kg).
Since the beginning of the year, domestic fuel prices have had 36 adjustments, of which 18 were increased, 14 were decreased and 4 were maintained.
Domestic retail prices of petroleum on December 20 are specifically as follows: E5 RON 92 gasoline is not more than VND 20,512/liter; RON 95 gasoline is not more than VND 21,405/liter; diesel is not more than VND 19,010/liter; kerosene is not more than VND 19,964/liter; mazut is not more than VND 14,978/kg.
