Specifically, Brent oil price increased by 1.43 USD, equivalent to 1.7%, to 85.27 USD/barrel. US WTI oil prices increased by 1.79 USD, equivalent to 2.2%, to 81.53 USD/barrel.
According to Reuters, investors are quite optimistic that the Fed will soon end the interest rate hike cycle, causing oil to be priced in cheaper USD for buyers holding other currencies.
Many economists expect the Fed to continue raising interest rates by another 0.25% at its meeting early next month. Today, a US inflation report was released to help investors assess the short-term interest rate trajectory.
Meanwhile, data from China showed that the country's consumer inflation in March increased at the slowest pace since September 2021. This means weak demand in the economic recovery process is not uniform.
Tina Tengets, an analyst at CMC Markets, said that with the lower-than-expected March CPI, the Chinese government will take steps to stimulate the economy.
Oil prices have risen about 7% since OPEC+ surprised the market with further production cuts since May.
The US Energy Information Administration (EIA) forecasts that OPEC's output will decrease by 500,000 barrels/day this year and will increase by 1 million barrels/day by 2024 after the group's output agreement expires.
In another development, the restart of the last of four French refineries closed due to a month-long strike signals demand for oil is likely to increase.
In the country, yesterday afternoon, the Ministry of Finance - Industry and Trade adjusted gasoline prices according to the cycle. Accordingly, gasoline prices increased by more than VND 1,000/liter, oil prices increased by more than VND 700/liter (kg).
In this management period, the joint venture has set aside a Price Stabilization Fund for E5 RON 92 gasoline at 150 VND/liter, RON 95 gasoline at 300 VND/liter; diesel at 300 VND/liter; kerosene at 300 VND/liter; mazut at 0 VND/kg.
At the same time, do not spend the Price Stabilization Fund on gasoline, diesel and kerosene; spend the Price Stabilization Fund on fuel oil at 300 VND/kg.
Domestic retail prices of petroleum on April 12 are specifically as follows: E5 RON 92 gasoline is not more than VND 23,173/liter; RON 95 gasoline is not more than VND 24,245/liter; Diesel is not more than VND 20,149/liter; kerosene is not more than VND 19,739/liter; mazut is not more than VND 15,194/kg.
