Specifically, Brent oil price increased by 1.32 USD, equivalent to 1.6%, to 83.15 USD/barrel. Similarly, US WTI oil prices increased by 1.31 USD, equivalent to 1.8%, to 80.09 USD/barrel.
Oil prices have risen for four consecutive weeks as supply is expected to be tight due to OPEC+ cutting production and some production outages in some countries for various reasons.
According to Reuters, Saudi Arabia is likely to maintain its policy of cutting production by 1 million barrels/day in September.
In a report, UBS analysts expect Brent oil prices to increase to $85-90/barrel in the coming months.
In addition, oil prices are also supported by investors' optimism about the prospect of increased oil demand in China. China has recently signaled to increase support for the real estate sector, while committing to boosting consumption.
A day after the Fed raised interest rates by 25 basis points, the European Central Bank (ECB) also increased interest rates for the 9th consecutive time, to its highest level in 23 years.
Reuters said that with a 0.25 percentage point increase, ECB's deposit interest rate is currently at 3.75%, the highest level since 2000. ECB president Christine Lagarde has also abandoned the market-oriented practice for further decision.
According to analysts, the ECB is likely to temporarily suspend interest rate increases in September as inflationary pressures show signs of easing and concerns about economic recession increase.
Investors expect central banks to end policy tightening campaigns - which will boost global growth prospects and energy demand.
In addition, a weakening USD also makes crude oil purchase costs cheaper and contributes to boosting oil prices.
Domestic retail prices of petroleum on July 28 are specifically as follows: E5 RON 92 gasoline is not more than VND 21,639/liter; RON 95 gasoline is not more than VND 22,792/liter; diesel is not more than VND 19,500/liter; kerosene is not more than VND 19,189/liter; mazut is not more than VND 15,722/kg.
