Brent and WTI oil both plummet

Oil prices today, September 1, ended a volatile week with both Brent and WTI oil plummeting.

Oil prices today, September 1, ended a volatile week with both Brent and WTI crude oil plummeting. (Source: Oilprice)

For the week, Brent crude fell 0.3% to $78.80 a barrel. WTI crude fell 1.7% to $73.55 a barrel.

Oil prices rose more than 3% in the first trading session of the week, a sign that oil prices could reverse last week's trend. The main factors supporting oil prices' rise in the session were continued tensions in the Middle East, Libya's production cuts, and low oil inventories at Cushing (Oklahoma).

However, oil prices failed to extend their gains and unexpectedly fell about 2% in the second trading session of the week after data showed that US consumer confidence rose to a six-month high in August. However, Americans are becoming more worried about the labor market as the unemployment rate spiked to a near three-year high of 4.3%.

Oil prices continued to slide on Tuesday, down about 1%. A smaller-than-expected decline in US crude inventories and concerns about slowing Chinese demand pushed prices lower, while the decline was also due to low supply risks in the Middle East and Libya.

According to the US Energy Information Administration, in the week ending August 23, US oil inventories fell by 846,000 barrels, much lower than analysts' expectations of a decrease of 2.3 million barrels.

After two sessions of "downhill", oil prices regained momentum to increase by more than 1 USD in the 4th trading session due to increasing concerns about global supply tightening due to major supply disruptions from Libya along with Iraq's plan to cut production.

Oil prices continued to fall. In the final trading session of the week, oil prices plunged by $1-3, affected by expectations of increased OPEC+ supply starting in October and the possibility that US interest rates will only be cut by 25 basis points instead of 50 following data showing strong consumer spending. This plunge pushed Brent and WTI oil prices further away from the $80/barrel mark.

For the whole of August, Brent oil decreased by 2.4%, WTI oil decreased by 3.6%.

Domestic retail prices of gasoline on September 1 are as follows:

E5 RON 92 gasoline is not more than 20,332 VND/liter.

RON 95-III gasoline is not more than 21,109 VND/liter.

Diesel oil not more than 18,477 VND/liter.

Kerosene not more than 19,065 VND/liter.

Fuel oil not exceeding 15,562 VND/kg.

The above domestic retail prices of gasoline and oil were adjusted by the Ministry of Finance and the Ministry of Industry and Trade in the price management session on the afternoon of August 29. In this session, the price of diesel oil decreased the most, by 299 VND/liter, followed by RON 95-III gasoline, which decreased by 208 VND/liter. Fuel oil decreased by 194 VND/kg, and E5 RON 92 gasoline decreased by 92 VND/liter. Kerosene decreased the least, by 84 VND/liter.

This is the second consecutive reduction in domestic gasoline prices.

Source: https://baoquocte.vn/gia-xang-dau-hom-nay-19-dau-brent-va-wti-cung-lao-doc-284652.html