World oil prices
At 6:30 a.m. on December 30, Brent oil was trading at $77.27 per barrel, up $0.12 per ounce compared to early this morning, while WTI oil was trading at $71.93 per barrel, up $0.16 per barrel.
Oil prices fluctuated slightly but remained high as geopolitical concerns and oil production cuts kept supplies tight.
Geopolitical tensions in the Middle East continue to support oil prices. On December 29, Israel intensified its attacks in southern Gaza.
Gasoline prices fluctuate slightly. (Photo: Business Port Nigeria).
Andrew Lipow, President of Lipow Oil Associates, commented that the market will continue to see volatility as we move into 2024 due to the impact of geopolitical events and concerns that conflict could spread across the Middle East.
Data released by the U.S. Energy Information Administration (EIA) on December 29 showing strong oil demand in October also provided some support for oil prices. The report said total U.S. oil demand rose 3.4% in October compared to the same month last year.
US crude oil production fell slightly to 13.248 million barrels per day in October, after setting monthly records in August and September.
U.S. energy firms added oil and natural gas rigs for the first time in three weeks this week, suggesting output could rise in the future, according to energy services firm Baker Hughes. However, for the year, the rig count fell by 157 after rising by 193 in 2022 and 235 in 2021.
Domestic gasoline prices
From 3:00 p.m. on December 28, the price of E5 RON92 gasoline will not be higher than VND21,186/liter (down VND13/liter compared to the current retail price); the price of RON95 gasoline will not be higher than VND22,148/liter, up VND3/liter.
Oil price is not higher than 19,788 VND/liter (up 264 VND/liter); Kerosene is not higher than 20,457 VND/liter (down 37 VND/liter) and fuel oil is not higher than 15,685 VND/kg (up 420 VND/kg compared to current retail price).
According to the Ministry of Industry and Trade - Ministry of Finance, the world oil market in this management period (from December 21, 2023 to December 27, 2023) is affected by factors such as: developments in the Red Sea in the context that some major shipping lines have begun to resume operations through the Red Sea, US crude oil reserves may decrease while distillate and gasoline inventories are likely to increase...
The above factors have caused world oil prices to fluctuate slightly, increasing and decreasing alternately in recent days.
In this operating period, the operating agency sets aside a price stabilization fund for fuel oil at 300 VND/kg (as in the previous period); no fund is set aside for gasoline, diesel and kerosene.
At the same time, do not use the fund for all petroleum products.
Ngoc Vy
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