Specifically, Brent oil prices increased by 1.67 USD, equivalent to 2.1%, to 82.45 USD/barrel - the highest closing price since April 19. Similarly, US WTI oil prices increased by 1.67 USD, equivalent to 2.1%, to 78.74 USD/barrel - the highest level since April 24.
According to analysts, oil prices increased thanks to tight oil supply. Russia said it will cut oil exports by 500,000 barrels/day in August. Saudi Arabia also extended the voluntary cut of output by 1 million barrels/day until August.
Meanwhile, Joseph McMonigle - IEF) Secretary General - India and China will need up to 2 million barrels of oil per day due to increased demand in the second half of this year.
In addition, investors also expect China to take stimulus measures to support the weakening economy.
On July 24, Chinese policymakers announced a number of measures to promote, encourage and boost private investment in a number of infrastructure sectors. This move could boost oil demand in China - one of the world's top consumers.
Currently, the market is focusing on decisions from the interest rate meeting of the US Federal Reserve (Fed) and the European Central Bank (ECB). Investors see the possibility of the Fed and ECB raising interest rates by another 0.25 percentage points this week.
The National Bank of Australia's research team said that although the Fed's interest rate hike this week could cause some short-term price fluctuations, the cut in supply from the Organization of the Petroleum Exporting Countries and its allies (OPEC+) and speculation about economic stimulus measures in China will continue to push oil prices higher in the third quarter.
Goldman Sachs forecasts that Brent oil will increase from the current over $80/barrel to $86/barrel by the end of this year.
Domestic retail prices of petroleum on July 25 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.
