According to a survey at 5:25 p.m. on February 21 (Vietnam time), WTI oil prices decreased by 0.43 USD/barrel (0.47%), down to 72.14 USD/barrel. Brent oil prices also fell by 0.35 USD/barrel (0.46%), down to 76.13 USD/barrel.
According to Reuters, oil prices were stable on Friday and are expected to increase next week thanks to improved demand prospects in the US and China. Concerns about supply disruptions from Russia also supported oil prices.
JPMorgan analysts said in a note released on Friday that global oil demand had an average of 103.4 million barrels per day (bpd) as of February 19, up 1.4 million barrels per day compared to before.
They predict that cold weather in the US and increased industrial activity in China, when workers return to work after the holidays, will boost demand next week.
The US Energy Information Administration said on Thursday that crude oil reserves increased. Meanwhile, gasoline and distillate reserves decreased last week, due to seasonal maintenance activities at refineries, leading to a reduction in processing.
"Reduced gasoline and distillate reserves in the US, combined with concerns about scarce supply from Russia, are supporting oil prices," said said Toshitaka Tazawa, an analyst at Fujitomi Securities.
US Treasury Secretary Scott Bessent responded in an interview with Bloomberg Television on Thursday that Russia could receive some US sanctions easing based on goodwill to negotiate to end the conflict in Ukraine.
At the same time, the disruption of oil supply continues to push up prices.
Russia said oil flows from the Caspian pipeline alliance, one of the main routes for crude oil exports from Kazakhstan, fell by 30% to 40% on Tuesday after a Ukrainian drone attack on a pumping station.
Despite the damage to its main export route through Russia, Kazakhstan is still pumping record oil volumes, industry sources said on Thursday. It is not yet clear how Kazakhstan has done this.
According to a representative of a petroleum business, domestic petroleum prices will fluctuate according to the world petroleum situation. According to current market developments, it is forecasted that in the next price adjustment period, gasoline prices may continue to increase.
In particular, gasoline prices are forecast to increase by about 150-200 VND/liter; oil prices may increase by about 200 VND/liter.
Domestic retail prices of gasoline and oil on February 21, 2025 are applied according to the adjustment session from 3:00 p.m. on February 20 of the Ministry of Finance - Ministry of Industry and Trade:
E5 RON 92 gasoline is not more than 20,855 VND/liter.
RON 95-III gasoline is not more than VND 21,311/liter.
Diesel oil is not more than VND 19,063/liter.
Kerosene is not more than VND19,513/liter.
Fuel oil is not more than 17,596 VND/kg.
